Early Look

Thursday, April 30, 2026

U.S. stock futures are mixed, with Nasdaq futures edging slightly higher after results from some of the biggest tech companies in the world last night, while oil prices slip off 4-year highs ahead of another busy day of earnings and economic data, which will include GDP, PCE inflation, jobless claims, personal income and Chicago PMI. Oil prices reached their highest level since 2022 on a report that President Trump is looking at fresh Iran military options, stoking concerns of an escalation in hostilities. Out of the big four earnings results in tech last night that will likely impact the broader tech/semi/optical/memory/Ai sectors. GOOGL Q1 revenue and profit that beat projections, fueled by strong growth in its cloud computing unit; AMZN Q1 AWS revenue rises 28%, surpassing estimates due to enterprise AI spending while invests heavily in AI partnerships with OpenAI and Anthropic; META big Q1 beat, mixed Q2 guide while shares fall on capex spending; MSFT cloud business reported growth that narrowly beat analysts’ estimates. Another huge morning of earnings with Dow components CAT, MRK reporting better than expected results, lifting shares and Dow futures and then we get Apple (AAPL) earnings after the close.

In capex spending: AMZN, which said in January that it expected its capital expenditures in 2026 to approach $200 billion, told investors on its earnings call that its plan remained “largely the same.” GOOGL raises 2026 CAPEX guidance to $180B-$190B from prior $175B-$185B and says 2027 CAPEX to significantly increase from 2026; META raises view to 2026 capital expenditures $125B-$145B above its prior view $115B-$135B; MSFT expects capex spending for calendar year 2026 to reach $190 billion, including $25 billion due to higher component pricing.

In Asian markets, The Nikkei Index dropped -632 points to 59,284, the Shanghai Index rose 4 points to 4,112, and the Hang Seng Index declined -335 points to 25,776. In Europe, the German DAX is up 65 points to 24,020, while the FTSE 100 is up 106 points to 10,319. Oil prices pulled back slightly after hitting highest levels since 2022 yesterday (now above start of Iran war levels) despite the US and Iran showing little sign of breaking their impasse and agreeing to another round of peace talks. Prices hit highs Wednesday after Axios reported that Trump will be briefed about new military options for action in Iran. Trump told Axios he will not lift a naval blockade of Iran’s ports until he secures a deal with Tehran to address the country’s nuclear program. Gold prices bounced off 1 month lows as the dollar eased and oil prices ticked lower.

• The Dow Jones Industrial Average fell -280.12 points, or 0.57%, to 48,861.81
• The Nasdaq Composite edged higher 9.44 points, or 0.04%, to 24,673.24
• The Russell 2000 Index declined -16.59 points, or 0.60% to 2,739.47

• 8:30 AM ET                   Continuing Claims…est. 1.815M
• 8:30 AM ET                   Personal Income M/M for March…est. +0.3%
• 8:30 AM ET                   Personal Spending M/M for March…prior +0.1%
• 8:30 AM ET PCE Price Index M/M for March…est. +0.7% (prior +0.4%)
• 8:30 AM ET PCE Price Index Y/Y for March…est. +3.5% (prior +2.8%)
• 8:30 AM ET                   Core PCE Price Index M/M for March…est. +0.3% (prior +0.4%)
• 8:30 AM ET                   Core PCE Price Index Y/Y for March…est. +3.2% (prior +3.0%)
• 8:30 AM ET                   Gross Domestic Product (GDP) Q1 advance…est. +2.3%
• 8:30 AM ET GDP Q1 advance consumer spending…prior +1.9%
• 8:30 AM ET GDP Q1 price deflator…est. +3.8%
• 8:30 AM ET GDP Q1 Core PCE prices …est. +4.1%
• 8:30 AM ET                   Employment Cost Index (ECI) for Q1…prior +0.7%
• 9:45 AM ET                   Chicago PMI for April…est. 53.0 (prior 52.8)
• 10:00 AM ET                 Leading Index Change M/M for February…est. (-0.1%)
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAPL ACA ACCO AEM AIG AJG ALGT ALHC AMGN ANGX ARDS ASUR ATR AX AXTI BIO BZH CABO CERS CLX CNO COHU COLM CPT CUBE CWST DLB DRH DXCM EBS EGO EHC EMN EXPO FHI FIVN FND FSLR GDDY GDYN HCC HG HR HUN ILMN IMAX INBK INGM INN IRTC JAKK KIDS KWR LOPE LPLA MAT MHK MMSI MPWR MTX MTZ NEWT OLED OPAD OSPN PCRX PDM PK RBLX RDDT RHP RIOT RIVN RMD ROKU RYAN SBGI SEM SKT SNDK SNDR SPSC SPXC SYK TEAM TREE TRUP TWLO UMH WDC WEAV WHG WY ZETA

• The Trump administration is expected to issue the first tariff refunds by around May 11, according to an order filed on Tuesday in the U.S. Court of International Trade, more than two months after the U.S. Supreme Court deemed the sweeping duties illegal. About 21% of entries subject to the tariffs under the International Emergency Economic Powers Act (IEEPA) have been accepted for removal of duties.
• China April Manufacturing PMI 50.3 vs 50.1 consensus and China April Services PMI at 49.4 vs 49.8 consensus.
• Gasoline in California has topped $6 a gallon as the global energy crunch from the Iran war reverberates

• Carvana (CVNA) Q1 EPS $1.69, tops consensus $1.56 on revs $6.43B vs. est. $6.09B; said Q1 adjusted gross profit per unit fell by $58 in the first quarter from a year earlier; Q1 adj Ebitda rose to record $672M vs. est. $649M; said 40% y/y increase in retail units sold drove record Q1 results; said Q1 net income was negatively impacted by $42M from changes in fair value of warrants.
• Cheesecake Factory (CAKE) Q1 adj EPS $1.05 vs est $1.01 on revs $978.833Mm vs est $965.2Mm; comps +1.6%; said opened three new restaurants during the first quarter, and it opened a new Cheesecake Factory restaurant internationally in Mexico under a licensing agreement.
• Chipotle Mexican Grill (CMG) Q1 sales +7.4% y/y to $3.09B vs. est. $3.07B; reported a 0.5% rise in quarterly comparable sales, compared with analysts' expectations for a (-0.8%) decline; Q1 adj EPS $0.24 in-line with ests; Q1 Operating margin fell to 12.9% from 16.7% due to higher food and labor costs; expects 2026 full-year comparable restaurant sales to be about flat; plans 350 to 370 new restaurant openings in 2026.
• eBay Inc. (EBAY) Q1 adj EPS $1.66 vs. est. $1.58 and revs rose 19% y/y to $3.1B vs. consensus $3.04B; guided Q2 adjusted EPS $1.46-$1.51, vs. consensus $1.50 and sees Q2 revenue $2.97B-$3.03B vs. est. $2.96B; expects Q2 2026 GMV between $21.3B-$21.7B after $22.2B in Q1.
• Ford Motor (F) Q1 adj EPS $0.66 vs. est. $0.19; Q1 revs $43.3B vs. est. $38.8B; sees FY adj. Ebit $8.5B-$10.5B, above prior forecast $8B-$10B; Q1 net income $2.5B vs $0.5B y/y; Q1 adj EBIT $3.5B vs. $1.0B y/y; says FY outlook assumes commodity headwinds of about $2B, up $1B from prior estimate.
• Mattel Inc. (MAT) Q1 adj EPS loss (-$0.20) vs. est. loss (-$0.21); Q1 revenue $862M vs. est. $808.97M; raises FY26 EPS view to $1.27-$1.39 from $1.18-$1.30 (est. $1.23) while backs FY26 revenue growth view 3%-6%.
• MGM Resorts (MGM) Q1 adj EPS $0.49 vs. est. $0.53; Q1 revs rose 4% y/y to $4.5B vs. est. $4.37B; said sees signs of strength for Q2 and beyond driven by solid convention bookings; Q1 consolidated net revenues were driven primarily by MGM China and MGM Digital; Q1 Las Vegas Strip Resorts posted y/y quarterly net revenue growth.
• O’Reilly Automotive (ORLY) Q1 EPS $0.72 vs. est. $0.69; Q1 revs $4.56B vs. est. $4.46B; reported an 8.1% increase in comparable store sales and a 16% increase in earnings; sees FY26 EPS $3.15-$3.25 vs. consensus $3.22, revs $18.7B-$19B, vs. est. $18.97B and sees FY26 comparable store sales 3%-5%.
• Pool Corp. (POOL) increases share repurchase program to $600M.
• Sprout Farms (SFM) Q1 EPS $1.71 vs est $1.68 on sales $2.329B vs est $2.322B; guides Q2 comps -2% to flat and EPS $1.32-1.36 vs est $1.35; sees FY comps -1% to +1% and EPS $5.32-5.48 vs est $5.54.
• VICI Properties (VICI) Q1 revenue grew 3.5% y/y to $1B vs. est. $1.02B; Q1 AFFO per share rose 4.5% y/y to $0.61 in Q1; raised full-year 2026 AFFO guidance to $2.44-$2.47 per share; said y/y increase in net income and FFO was driven by a $305.7 mln aggregate change in the CECL allowance.

• Antero Resources (AR) Q1 EPS $1.72 vs. consensus $1.14 and revs $1.35B vs. est. $1.6B; Q1 adj net income $357M vs. est. $343.7M; Q1 net production averaged 3.9 Bcfe/d, up 13% y/y, driven by higher natural gas output and operational execution during winter conditions; expects Q2 production to average 4.1 Bcfe/d, up 6% from Q1 while maintains full-year 2026 production guidance at about 4.1 Bcfe/d.
• ProPetro Holding (PUMP) announced that its PROPWR business unit has entered into a strategic framework agreement with Caterpillar (CAT) to purchase up to 2.1 gigawatts of power generation assets to support the growing energy demands of data center, oil and gas.

• Allstate (ALL) Q1 EPS $10.65 vs. est. $7.29; Q1 revs $16.9B vs. est. $15B; Q1 Property-liability unit catastrophe losses shrank to $1.24B, compared with $2.2B a year earlier; Q1 net investment income jumped to $938M from $854M a year earlier, underpinned by strong gains in its market-driven investment portfolio.; Q1 Property-liability unit combined ratio was 82% in the quarter, compared with 97.4% a year earlier. A ratio below 100% indicates an insurer earned more in premiums than what it paid out in claims.
• PayPal (PYPL) announced a strategic reorganization of its business and executive leadership team to accelerate execution of its long-term growth priorities, streamline decision-making, and drive innovation. As part of the reorganization, PayPal will transition to a simplified three-business operating model: Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto.

• Cigna (CI) Q1 adj EPS $7.79 vs. est. $7.61; Q1 revs $68.52B vs. est. $66.37B; FY Cigna healthcare medical care ratio 83.7% to 84.7% vs estimate 84.06%; Q1 MCR 79.8% vs estimate 81.56%; raises FY26 adjusted EPS view to at least $30.35 from at least $30.25.
• Glaukos (GKOS) Q1 adj EPS ($0.18) vs est ($0.21) on sales $150.6Mm vs est $144.81Mm, adj gr mgn 84%; guides FY revs $620-635Mm vs est $613.51Mm.
• Merck (MRK) Q1 adj EPS loss (-$1.28), vs. consensus loss (-$1.47); Q1 revs $16.3B vs. est. $15.85B; raises FY26 adjusted EPS view to $5.04-$5.16 from $5.00-$5.15 (est. $5.11) and narrows FY26 revenue view to $65.8B-$67B from $65.5B-$67B, vs. consensus $66.49B; sales of Keytruda, the world's biggest-selling prescription medicine, rose 12% to $8 billion while sales of diabetes drug Januvia fell 28% to $574 million.
• Teladoc (TDOC) Q1 EPS loss (-$0.36) vs. est. loss (-$0.39); Q1 revs fell -2% y/y to $613.8M vs. est. $610.59M; Integrated Care revenue of $395.4M, up 2% y/y and adj EBITDA margin of 14.2%; Q1 BetterHelp revs of $218.4M, down -9% y/y and adjusted EBITDA margin of 0.9%; reaffirmed the midpoint of its full year financial outlook.
• Viking Therapeutics (VKTX) Q1 EPS loss (-$1.37), vs. consensus loss (-$0.91); Q1 cash, cash equivalents and short-term investments at quarter end were $603M vs. $706M at previous quarter end; said continue to execute the Phase 3 clinical development program for our lead obesity program VK2735. Our VANQUISH Phase 3 studies of the subcutaneous formulation are fully enrolled, and our planned Phase 3 studies with the oral tablet formulation are expected to begin later this year, marking a rapid pace of development for this important program.

• Caterpillar (CAT) Q1 adj EPS $5.54 vs. est. $4.62; Q1 revs $17.4B vs. est. $16.61B; Operating profit margin was 17.7% for the first quarter of 2026, compared with 18.1% y/y.
• CH Robinson Worldwide (CHRW) Q1 adj EPS $1.35 vs est $1.24 on revs $4.0B vs est $4.028B.
• Flowserve (FLS) Q1 adj EPS $0.85 vs est $0.80 on revs $1.068B vs est $1.168B; reaffirmed FY adj EPS guide $4.00-4.20 vs est $4.12, reduces FY sales guide from $4.965-5.06B to $4.871-5.013B vs est $4.99B.
• Woodward (WWD) Q2 adj EPS $2.27 vs est $2.16 on sales $1.09B vs est $1.043B, adj EBIT $186Mm vs est $175.46Mm; guides FY sales +20-23% vs est +16.4% and adj EPS $9.15-9.45 vs est $8.76.

• Meta Inc. (META) shares fell; Q1 EPS $10.44 tops consensus $6.82 and revs $56.31B vs. est. $55.56B; raises view to 2026 capital expenditures $125B-$145B above its prior view $115B-$135B; sees Q2 revenue $58B-$61B vs. consensus $59.57B; family daily active people 3.56 bln in March 2026, up 4% y/y.
• Microsoft Corp. (MSFT) Q3 EPS $4.27 tops consensus $4.07 on revs rose 21% y/y to $82.89B vs. est. $81.43B; Q3 Azure & other Cloud rev ex-fx +39%, vs. est. +38.2%; Q3 Cloud revenue $54.5B, up 29%, productivity and Business Processes was $35.0B and increased 17%, Microsoft 365 Consumer cloud revenue increased 33%; Q3 AI business annual revenue run rate surpassed $37 bln, up 123% y/y, per CEO Satya Nadella. Microsoft says Azure will growth will go from 39% in March to 40% in June (ests for 37%). Expects capex spending for calendar year 2026 to reach $190 billion, including $25 billion due to higher component pricing.
• Impinj Inc. (PI) shares jump; Q1 EPS $0.14 vs est $0.14 and revs $74.3M vs est $72.5M; sees Q2 EPS $0.77 $0.82 vs est. $0.74 and sees Q2 revs $103M-$106M vs consensus $96.3M; said first-quarter results were solid, with revenue and adjusted EBITDA exceeding the top end of our guide range.
• KLA Tencor (KLAC) shares fall; Q3 adj EPS $9.40 vs. consensus $9.17 and revs $3.415B vs. est. $3.38B; sees Q4 non-GAAP EPS $8.87-$10.87, vs. consensus $9.83 and revs $3.38B-$3.78B vs. est. $3.55B; approved $7 bln in new share repurchases and raised quarterly dividend; aid results benefited from global AI infrastructure built out across foundry/logic, memory; says business momentum remains robust and is highly confident in 2026 outlook.
• Plexus (PLXS) Q2 adj EPS $2.05 vs est $1.88 on revs $1.164B vs est $1.131B; guides Q3 revs $1.2-1.25B vs est $1.151B, EBIT mgn 4.1-4.5% and adj EPS $2.02-2.18 vs est $1.99.
• Qualcomm (QCOM) Q2 adj EPS $2.65 vs est $2.56 on revs $9.08B vs est $10.599B; guides Q3 revs $7.9-8.5B vs est $10.274B and adj EPS $2.10-2.30 vs est $2.45; says navigating a challenging memory environment; said sees China handset revenue bottoming in Q3.
• SBA Communications (SBAC) Q1 FFO $3.03 vs. consensus $2.86 and Q1 revenue $703.4M vs. est. $694.9M; Increased full year 2026 outlook across all key metrics; company-wide Tower Cash Flow margin of approximately 80%; sees FY26 FFO $11.96-$12.38 vs. est. $12.13 and revs $2.84B-$2.88B vs. consensus $2.88B.
• Tenable Holdings (TENB) Q1 adj EPS $0.47 vs est $0.41 on revs $262.058Mm vs est $258.8Mm; guides Q2 revs $263-266Mm vs est $264.5Mm and adj EPS $0.46-0.48 vs est $0.44; sees FY revs $1.068-1.078B vs est $1.07B and adj EPS $1.90-1.98 vs est $1.87.
• TTM Technologies (TTMI) Q1 adj EPS $0.75 vs est $0.67 on revs $845.976Mm vs est $789.8Mm; guides Q2 revs $930-970Mm vs est $823.029Mm and adj EPS $0.82-0.88 vs est $0.74.
• Viavi Solutions (VIAV) Q3 adj EPS $0.27 vs est $0.23 on revs $406.8Mm vs est $393.83Mm, gr mgn 57.5%, adj EBIT mgn 21%.
• The White House opposes a plan by Anthropic PBC to expand access to its Mythos AI model, an administration official said Wednesday night. Members of President Donald Trump’s administration have told Anthropic that they don’t agree with the company’s plan to grant access to its Mythos technology to roughly 70 companies and organizations, according to the official - WSJ

Mid-Morning Look

Thursday, April 30, 2026

U.S. stocks opened higher, boosted by better earnings results from some of the biggest tech companies in the world overnight (AMZN, MSFT, GOOGL), and issued spending targets that was positive for the AI complex, along with better economic data as investors overlooked higher oil prices which hit 4-year highs on Wednesday. However, as markets opened, gains faded in some of the companies with AMZN, MSFT giving up gains and META extending losses. A weaker Chicago PMI manufacturing report also weighed on sentiment, while tensions between the U.S. and Iran remain high. Big story overnight after earnings was that the biggest tech hyperscalers now plan to spend over $700B in 2026 on capex, primarily on AI data centers. GOOGL and META raised their full year guidance to $190B and $145B, while MSFT gave its first estimate at $190B and AMZN stands at $200B. The rise in capex a lift for semis, memory, optical, data centers, infrastructure, nuclear, utilities, power etc. in AI complex. The Dow is holding onto big gains thanks to strength in a few components (like CAT), while the S&P 500 is flat and the Nasdaq giving up some gains after a big run. Early on nine of the eleven S&P sectors are higher with tech being the biggest drag and industrials and utilities up over 2%.

Oil prices reverse an earlier spike Thursday which took them to a wartime high, with Brent now falling back to $114 from $119. Axios reported yesterday, Trump rejects Iran's offer; blockade stays; naval blockade of Iran more effective than bombing; Trump would consider military action if Iran does not act; 3 Sources say US CENTCOM has prepared a short wave of strikes on Iran; Trump says oil storage facilities and pipelines in Iran are nearing explosion. Gold prices rebound off 1 month lows, rising over 1.5% but on track for second straight monthly decline amid a rise in yields/oil/dollar.

Big moves in the currency markets as the Japanese yen strengthened against the dollar, falling from 2026 peak of 160.39 yesterday as intervention worries bite. The Dollar/yen continued its drop by more than 2.7% drop to lows of 155.59 before paring losses, set for largest one-day drop since early 2023. The move came after aggressive “final warning comments  by Japan officials as Finance Minister Katayama said that that timing was near “to take bold action on FX” and Japan’s FX diplomat Mimura doubled down by saying that the authorities are “getting closer to taking decisive action” and telling investors that “this is my final warning.”

Other news items, the ECB leaves interest rate on deposit facility unchanged at 2.00%, benchmark refinancing rate unchanged at 2.15% and marginal Lending facility unchanged at 2.40% (all as expected). The bank of England also maintained its interest rates steady. Of the 258 S&P 500 companies that reported thus far vs 287 LY, 86% beat vs 76% LY with the avg beat 22% vs 25% LY, avg miss -5% vs -16% LY and avg yr/yr earnings growth 27% vs 12% LY (per Reuters).

• March personal Income +0.6% (vs. consensus +0.3%) vs Feb unchanged and Personal Spending +0.9% (vs. consensus +0.9%) vs Feb +0.6%. March personal saving rate 3.6%. March real consumer spending +0.2% vs Feb +0.3%. March core PCE price index +0.3% (consensus +0.3%) vs Feb +0.4% (prev +0.4%) and March overall PCE price index +0.7% (consensus +0.7%) vs Feb +0.4% (prev +0.4%).
• Weekly Jobless Claims fell to 189,000 from 215,000 last week, which was same as consensus; the 4-week moving average fell to 207,500 from 211,000 prior week; continued claims fell to 1.785M from 1.808M prior week and the Insured Unemployment Rate unchanged at 1.2%.
• U.S. Q1 employment cost index +0.9% (consensus +0.8%) vs Q4 +0.7% (prev +0.7%); Q1 wages/salaries +0.8% vs Q4 +0.7% (prev +0.7%); Q1 benefit costs +1.2% vs Q4 +0.8% (prev +0.7%).

• In Insurance: AFL Q1 revs rose 27.9% y/y to $4.3B vs. est. $4.23B; Q1 EPS $1.75 misses $1.81 consensus driven by lower premium revenue in Corporate. Core operations show strength, anchored by a stronger than expected benefit ratio in the US; ALL EPS $10.65 vs. est. $7.29; Q1 revs $16.9B vs. est. $15B; Q1 Property-liability unit catastrophe losses shrank to $1.24B, compared with $2.2B a year earlier; Q1 net investment income jumped to $938M from $854M a year earlier, underpinned by strong gains in its market-driven investment portfolio.
• In Managed Care: it has been a good earnings season thus far for the sector with UNH, CNC big wins, HUM rebounding off mixed results and this morning CI better results as Q1 adj EPS $7.79 vs. est. $7.61; Q1 revs $68.52B vs. est. $66.37B; FY Cigna healthcare medical care ratio 83.7% to 84.7% vs estimate 84.06%; Q1 MCR 79.8% vs estimate 81.56%; raises FY26 adjusted EPS view to at least $30.35 from at least $30.25.
• Papers & Packaging: SW shares fell early as core earnings (EBITDA) fell to $1.07B from $1.25B y/y and below its guidance to fall between $1.1 B-$1.2B (vs. st. $1.16B) saying adverse weather had resulted in a $65M hit to EBITDA in the first quarter when its margins were also weaker than a year ago; maintained FY core growth view. IP also disappoints as Q1 sales $5.97B missed the $6.01B estimate amid uneven demand for packaging materials and inflationary pressures and cut its annual profit forecast on higher interest rates and cost volatility.

• GKOS +14%; posted a strong Q1 print with revenues of $150.6M that finished above the Street's $136.9M estimate, with every segment beating consensus estimates. iDose was especially strong with revenue of $54M handedly beating consensus estimates of $47M; raised guidance.
• GOOGL +5%; Q1 EPS $5.11 vs est $2.63 on revs $109.9B vs est $107.2B (cloud revs $20.03B, Ad revs $77.25B, services revs $89.64B, search & other revs $60.4B), EBIT mgn 36%; raises 2026 CAPEX guidance to $180B-$190B from prior $175B-$185B and says 2027 capex to significantly increase from 2026.
• HTZ +19%; shares jumped after its affiliated operating company, Oro Mobility, and UBER announced two strategic fleet partnerships. Through its partnerships with Uber, Oro will deliver scalable operational and maintenance services across both autonomous and driver-led operations in key U.S. markets.
• LLY +7%; as Q1 EPS $8.55 top consensus $6.67 on sales rising 56% y/y to $19.8B vs. est. $17.6B; raises FY revenue forecast to $82.0B-$85.0B, from prior forecast $80B-$83B amid strong demand for its weight-loss and diabetes drugs Zepbound and Mounjaro; Q1 Mounjaro rev $8.6B  rising 125% y/y and Q1 Zepbound revs $4.1B +80% Y/y.
• QCOM +11%; posted another disappointing Street-missing June-quarter guide, but shares rallied as the company focused disclosed leading hyperscaler custom silicon Engagement due to begin Shipping later this calendar year; second, whether the China Android memory-driven correction is finally reaching a trough.
• QURE +12%; said it plans to submit a marketing authorization application in the UK for its experimental gene therapy AMT-130 for Huntington's disease in Q3; adds meeting with the FDA still expected in Q2.
• RCL +6%; shares rallied early after Q1 EPS $3.60 topped estimates of $3.19, though did cut its annual profit forecast, signaling surging fuel costs linked to ongoing tensions in Middle East are weighing on margins and narrows FY26 net yields view to 2.3%-3.3% from 2.1%-4.1%.

• F -5%; Q1 adj EPS $0.66 vs. est. $0.19 and Q1 revs better at $43.3B vs. est. $38.8B; sees FY adj. Ebit $8.5B-$10.5B, above prior forecast $8B-$10B; says FY outlook assumes commodity headwinds of about $2B, up $1B from prior estimate. Ford shares fall after warning that an unexpected rise in commodity costs will weigh on earnings.
• IP -9%; disappoints as Q1 sales $5.97B missed the $6.01B estimate amid uneven demand for packaging materials and inflationary pressures and cut its annual profit forecast on higher interest rates and cost volatility.
• KLAC -6%; shares fell initially as results were ahead while its Jun-26Q outlook was broadly inline disappointing some investors, while management slightly raised 2026 WFE forecast and expects 2027 growth to accelerate based on improving visibility.
• META -9%; shares fell on capex guidance; reported Q1 EPS $10.44 tops consensus $6.82 and revs $56.31B vs. est. $55.56B; raises view to 2026 capital expenditures $125B-$145B above its prior view $115B-$135B; sees Q2 revenue $58B-$61B vs. consensus $59.57B; family daily active people 3.56 bln in March 2026, up 4% y/y.
• SW -6%; shares fell early as core earnings (EBITDA) fell to $1.07B from $1.25B y/y and below its guidance to fall between $1.1 B-$1.2B (vs. st. $1.16B) saying adverse weather had resulted in a $65M hit to EBITDA in the first quarter when its margins were also weaker than a year ago; maintained FY core growth view.
• TDOC -10%; in-line Q1 revenue and a modest 3.5% bottom-line beat though issued Q2 guidance that came in below consensus with Q2 BetterHelp adj. EBITDA margin guidance of (0.5%)-1.5%, which was below consensus of ~3.4%, but reiterated its FY26 BetterHelp margin guidance; narrowed 2026 revenue & adj. EBITDA guidance.

Closing Recap

Thursday, April 30, 2026

US equity futures gained slightly overnight as no new Iran news was evident to generate a sizeable swing and earnings from biggies like AMZN, MSFT, GOOGL, CAT and LLY were strong enough early to offset an overnight drop in META post-EPS.  The morning array of economic reports also was sufficiently in-line to allow the market to open in the green.  But it didn’t last long as investors sold into strength and pushed the market into down territory.  Consistent with the early dip, today’s bull-bear spread shifted to -1.6% from +11.6% last week.  Bulls slipped from 46% to 38.1% while bears rose from 34.4% to 39.7%.  That said, the Fear & Greed Index remained in Greed territory at 64/100, just slightly off last week’s 66 (Greed) and still way ahead of last month’s 13 (Extreme Fear).

By mid-morning, the S&P 500 was back to the upside and broad market breadth favored advancers by 5:2 as small caps outperformed with IWM (+0.89%) versus SPY (+0.05%) and QQQ (-0.39%).  SPY breadth favored advancers by 3:1 and QQQ breadth favored advancers by 9:5 despite the index being lower on big-cap weakness in AMZN, MSFT, META and NVDA.  Sector wise, Utilities (+2.31%), Industrials (+2.12%) and Health Care (+2.08%) were outperformers among S&P sector ETFs, while Consumer Discretionary (+0.24%), Communications (-0.11%) and Technology (-1.05%) paced the underperformers with 9 sectors gaining versus 2 declining.

In data of note today, of 258 S&P 500 companies to have reported thus far vs 287 LY (fiscal qtr ending Feb-Apr, per Reuters): 86% beat vs 76% LY with an average beat of 22% vs 25% LY, and average miss of -5% vs -16% LY and average  yr/yr earnings growth of 27% vs 12% LY (median yr/yr earnings growth thus far is 14% vs 6% LY).  Also in earnings, @bespokeinvest noted since yesterday's close, 18 stocks have raised guidance (including 11 triple plays) versus just 3 that have lowered.  Pivoting to the Fed and rates, @charliebilello noted the Fed's preferred measure of inflation (Core PCE) came in at 3.2% in March, the highest level since November 2023, marking the 61st consecutive reading above the Fed's 2% target level. There will be no Fed rate cut in June, and one could make a strong case for a rate hike. Lastly, @RyanDetrick pointed out that April is up more than 9% and following the 10 other times it rose more than 5%, May was higher 9 times and both the May-Oct period and remainder of the year were up significantly better than average.  Good news for data hounds.

Heading into the final hour of trading for the month, stocks roared ahead to new highs.  Even weakness in NVDA, MSFT and META was not enough to hold the market down as all eleven S&P sectors closed higher with more than 2% gains for Industrials, Utilities and Healthcare and the S&P 500, and Nasdaq Comp both closed at record highs.  We get another big round earnings tonight, including AAPL, so stay tuned. With April closing out today, massive gains for the month for major averages as the S&P 500 rose 10%, the Russell 2000 11% and the Nasdaq over 15%. In tech, the PHLX Semiconductor Index (SOX) has surged 35% in April, marking its best one-month return since just before 2000.

• March personal Income +0.6% (vs. consensus +0.3%) vs Feb unchanged and Personal Spending +0.9% (vs. consensus +0.9%) vs Feb +0.6%. March personal saving rate 3.6%. March real consumer spending +0.2% vs Feb +0.3%. March core PCE price index +0.3% (consensus +0.3%) vs Feb +0.4% (prev +0.4%) and March overall PCE price index +0.7% (consensus +0.7%) vs Feb +0.4% (prev +0.4%).
• Weekly Jobless Claims fell to 189,000 from 215,000 last week, which was same as consensus; the 4-week moving average fell to 207,500 from 211,000 prior week; continued claims fell to 1.785M from 1.808M prior week and the Insured Unemployment Rate unchanged at 1.2%.
• U.S. Q1 employment cost index +0.9% (consensus +0.8%) vs Q4 +0.7% (prev +0.7%); Q1 wages/salaries +0.8% vs Q4 +0.7% (prev +0.7%); Q1 benefit costs +1.2% vs Q4 +0.8% (prev +0.7%).
• Chicago PMI reported at a weaker 49.2 (contraction) vs. expected 54.9 and prior reading of 52.9; first contraction since Dec 2025.
• Leading Index Change MoM Actual -0.6% worse than the forecast -0.2% and prior -0.1%.

• June WTI crude futures slipped overnight after a strong move higher yesterday.  While it is impossible to escape Iran headlines entirely, the lack of particularly aggressive headlines fueled the easing in oil, which continued intraday.  Trump did indicate he plans to continue to blockade of Iranian ports and the Supreme Leader of Iran did say Iran plans to guard missile and nuclear technology like its borders but none of this represented an escalation so the market absorbed it and moved ahead.  Futures settled -$1.81/bbl, or -1.69%, at $105.07.

• Treasury yields eased as oil prices pulled back from 4-year highs on Thursday as the 2-year note yield, which typically moves in step with Fed interest rate expectations, was last down 4.9 basis points at 3.883%. The yield on benchmark U.S. 10-year notes fell 2.8 basis points to 4.388%.

• Alphabet (GOOGL) shares jumped as standout in Big 4 last night; raised dividend; Q1 EPS $5.11 vs est $2.63 on revs $109.9B vs est $107.2B (cloud revs $20.03B, Ad revs $77.25B, services revs $89.64B, search & other revs $60.4B), EBIT mgn 36%; raises 2026 CAPEX guidance to $180B-$190B from prior $175B-$185B and says 2027 capex to significantly increase from 2026.
• Meta Inc. (META) shares fell on capex guidance; reported Q1 EPS $10.44 tops consensus $6.82 and revs $56.31B vs. est. $55.56B; raises view to 2026 capital expenditures $125B-$145B above its prior view $115B-$135B; sees Q2 revenue $58B-$61B vs. consensus $59.57B; family daily active people 3.56 bln in March 2026, up 4% y/y. Shares were downgraded to neutral at JP Morgan saying while they are encouraged by Meta's +33% Y/Y revenue growth which has been supported by Ai-driven Ad stack optimizations, accelerating impression growth, & Engagement gains, it believes full-stack Ai competition is intensifying and Meta has a more challenging path to returns on heavy Ai CAPEX beyond advertising. Most notably, Google and Amazon are seeing strong Cloud revenue acceleration W/Google Cloud backlog almost doubling Q/Q & AWS backlog increasing+50% Q/Q.
• Microsoft Corp. (MSFT) Q3 EPS $4.27 tops consensus $4.07 on revs rose 21% y/y to $82.89B vs. est. $81.43B; Q3 Azure & other Cloud rev ex-fx +39%, vs. est. +38.2%; Q3 Cloud revenue $54.5B, up 29%, productivity and Business Processes was $35.0B and increased 17%, Microsoft 365 Consumer cloud revenue increased 33%; reported +5M Q/Q Copilot M365 adds (better than expected), and modestly better profitability. Management guided Azure to accelerate in Q4 and indicated this should continue into 1HFY27. FY27 guidance commentary that included CY26 CAPEX ($190B), sustained double-digit rev and operating-income growth on mid-to-high-single-digit OPEX growth
• Impact for AI/infrastructure/opticals/semis: Among CAPEX figures given last night from the 4 hyperscalers: AMZN, which said in January that it expected its capital expenditures in 2026 to approach $200B, told investors on its earnings call that its plan remained “largely the same.” GOOGL raises 2026 CAPEX guidance to $180B-$190B from prior $175B-$185B and says 2027 CAPEX to significantly increase from 2026; META raises view to 2026 capital expenditures $125B-$145B above its prior view $115B-$135B; MSFT expects CAPEX spending for calendar year 2026 to reach $190B, including $25B due to higher component pricing. Positive for the Semis ecosystem from capex include CLS, LITE, ALAB, SNDK, MRVL, CRDO, AMD, AVGO, NVDA, MU, others.

• In Food & Beverage: HSY Q1 sales rose 10.6% to $3.1B, and adjusted EPS for Q1 pf $2.35 increased 12.4%, with beating analyst expectations as the company reaffirmed its 2026 full-year sales and earnings outlook; Higher commodity and tariff-related costs weighed on adj gross margin and segment profits. TAP Q1 revs rose 2% to $2.35B vs. est. $2.3B and reaffirmed its full year outlook though said for Q2, expects financial volumes in the U.S. to be 6% to 9% lower than the year before, trailing anticipated brand volume trends. SFM shares surged for one of best days on record after earnings results last night lifted shares.
• In Home Furnishings: Wayfair (W) shares fell as Q1 EPS and revs in-line with estimates ($0.26/$2.9B) on higher customer order value and more active customers +1.4% y/y but did not provide guidance; ETD reported flat retail written orders during F3Q (ended Mar.) amid ongoing industry headwinds, severe weather, and geopolitical uncertainty and said monthly trends softened as the quarter progressed, though April trends have recovered.
• Toy Retailers: MAT Q1 revenues beat by 7% while EPS only beat by a penny ($(0.20) given gross margin headwinds from tariffs, currency, and general inflation, while says sales growth is expected to accelerate from the +1% constant currency growth in Q1 (guide was down low-single digits).

• In Auto dealers: CVNA Q1 EPS $1.69, tops consensus $1.56 on revs $6.43B vs. est. $6.09B as posted livered a record ~187k retail units, up 40% y/y and 3% ahead of the Street, marking its sixth consecutive quarter of ~40% growth and Retail GPU of $3,165 also beat consensus by ~2% and grew ~6% q/q
• Auto retailers: ORLY better results as Q1 EPS $0.72 vs. est. $0.69; Q1 revs $4.56B vs. est. $4.46B; reported an 8.1% increase in comparable store sales and a 16% increase in earnings; sees FY26 EPS $3.15-$3.25 vs. consensus $3.22, revs $18.7B-$19B, vs. est. $18.97B and sees FY26 comparable store sales 3%-5%. SAH mixed results on better EPS but sales came in short of consensus and raises dividend.
• Car Rental: HTZ shares jumped after its affiliated operating company, Oro Mobility, and UBER announced two strategic fleet partnerships. Through its partnerships with Uber, Oro will deliver scalable operational and maintenance services across both autonomous and driver-led operations in key U.S. markets.
• In Leisure Products/RVs: CWH posted a bottom-line beat on softer top line. CWH delivered adj. EBITDA +$12.2M vs. consensus on revenue -$57.0M vs. consensus, including Vehicles (-$60.3M), F&I (-$3.0M), PS&O (-$7.9M), and CS&P (-$1.4M).
• Cruise Lines: RCL shares rallied early after Q1 EPS $3.60 topped estimates of $3.19, though did cut its annual profit forecast, signaling surging fuel costs linked to ongoing tensions in Middle East are weighing on margins and narrows FY26 net yields view to 2.3%-3.3% from 2.1%-4.1%.

• In Insurance: AFL Q1 revs rose 27.9% y/y to $4.3B vs. est. $4.23B; Q1 EPS $1.75 misses $1.81 consensus driven by lower premium revenue in Corporate. Core operations show strength, anchored by a stronger than expected benefit ratio in the US; ALL EPS $10.65 vs. est. $7.29; Q1 revs $16.9B vs. est. $15B; Q1 Property-liability unit catastrophe losses shrank to $1.24B, compared with $2.2B a year earlier; Q1 net investment income jumped to $938M from $854M a year earlier, underpinned by strong gains in its market-driven investment portfolio.

• Apartment REITs: Keybanc noted 6 apartment REITs have reported Q126 results to date, The results include four NFFO beats (AVB, EQR, ESS, MAA) and two in line (IRT, UDR). NFFO and SS growth guidance for 2026 has been affirmed. Operating trends are tracking in line to slightly ahead of initial projections, with pricing power improving on new leases and historically low turnover supporting renewals

• LLY shares rise as Q1 EPS $8.55 top consensus $6.67 on sales rising 56% y/y to $19.8B vs. est. $17.6B; raises FY revenue forecast to $82.0B-$85.0B, from prior forecast $80B-$83B amid strong demand for its weight-loss and diabetes drugs Zepbound and Mounjaro; said  expects to earn $35.50-$37.00 EPS compared to its prior view of $33.50-$35; Q1 Mounjaro rev $8.6B  rising 125% y/y and Q1 Zepbound revs $4.1B +80% Y/y.
• BMY posted Q1 results largely as expected, focus on key 2026 Events: reported 1Q26 total revenue of $11.5B, compared with consensus $10.9B, and EPS of $1.58 vs. est. $1.41 as the top line beat was driven by legacy products Eliquis and Pomalyst, partially offset by oncology (Opdivo, Reblozyl, Opdualag).
• ABBV was upgraded from Neutral to Buy at Bank America after delivered modest Q1 beats and raised FY26 guidance driven by Skyrizi and Rinvoq/believes concerns around competitive erosion to key immunology (I&I) segment are overdone and forward indicators for Skyrizi remain strong.
• AXSM announces FDA approval of Auvelity® (dextromethorphan HBR and bupropion HCL) for the treatment of agitation Associated with dementia due to Alzheimer’s disease.
• QURE said it plans to submit a marketing authorization application in the UK for its experimental gene therapy AMT-130 for Huntington's disease in Q3; adds meeting with the FDA still expected in Q2.
• VKTX Q1 EPS loss (-$1.37), vs. consensus loss (-$0.91); Q1 cash, cash equivalents and short-term investments at quarter end were $603M vs. $706M at previous quarter end; said continue to execute the Phase 3 clinical development program for our lead obesity program VK2735.

• In Managed Care: it has been a good earnings season thus far for the sector with UNH, CNC big wins, HUM rebounding off mixed results and this morning CI better results as Q1 adj EPS $7.79 vs. est. $7.61; Q1 revs $68.52B vs. est. $66.37B; FY Cigna healthcare medical care ratio 83.7% to 84.7% vs estimate 84.06%; Q1 MCR 79.8% vs estimate 81.56%; raises FY26 adjusted EPS view to at least $30.35 from at least $30.25.
• Medical Equipment: GKOS posted a strong Q1 print with revenues of $150.6M that finished above the Street's $136.9M estimate, with every segment beating consensus estimates. iDose was especially strong with revenue of $54M handedly beating consensus estimates of $47M and drove the Magnitude of the total company beat. Increased its FY26 revenue guidance to $620-635M (+22-25% Y/y) from $600-620M (+18-22% Y/y) previously.
• Healthcare technology; GEHC was downgraded to Neutral from Buy at Goldman Sachs and cut PT to $65 from $81 saying while the company's underlying business has shown improvement, with organic revenue growth rising from ~1% in 2024 to ~3.5% in 2025, rising input costs, tariff uncertainty, and macro sensitivity have repeatedly disrupted the EPS outlook, deferring a meaningful earnings growth inflection.

• Papers & Packaging: SW shares fell early as core earnings (EBITDA) fell to $1.07B from $1.25B y/y and below its guidance to fall between $1.1 B-$1.2B (vs. st. $1.16B) saying adverse weather had resulted in a $65M hit to EBITDA in the first quarter when its margins were also weaker than a year ago; maintained FY core growth view. IP also disappoints as Q1 sales $5.97B missed the $6.01B estimate amid uneven demand for packaging materials and inflationary pressures and cut its annual profit forecast on higher interest rates and cost volatility.

• Towers & Telecom: in towers, SBAC Q1 results were slightly better than expected with -2% organic growth (+3.5% ex Sprint/DISH churn), and AFFO/share above consensus.

• Semi equipment: KLAC shares fell initially as results were ahead while its Jun-26Q outlook was broadly inline disappointing some investors, while management slightly raised 2026 WFE forecast and expects 2027 growth to accelerate based on improving visibility (limited upside to Q2/CY26 outlooks surprised given the WFE backdrop); TER was upgraded to Overweight from Neutral at JP Morgan following the ~20% post-earnings pullback in the stock with the lumpiness in customer purchasing of test Equipment driving limited changes to the long-term drivers and secular catalysts, including the ramp in merchant GPU tests, VIP ASIC test market opportunities.

Street Recommendations

Thursday, April 30, 2026

• CHRW Barclays raised the firm's price target on C.H. Robinson to $210 from $200 and keeps an Overweight rating on the shares post the Q1 report. Despite concerns of a squeeze in the company's core brokerage margins given recently higher spot rates, its efficiency initiatives leveraging AI capabilities more than offset this, the analyst tells investors in a research note.
• CVNA Barclays raised the firm's price target on Carvana to $475 from $430 and keeps an Overweight rating on the shares post the Q1 report. The company's Q1 EBITDA came in above estimates, driven by stronger retail units and volume growth, the analyst tells investors in a research note. The firm believes Carvana is making good progress on improving reconditioning costs, which should more meaningfully benefit retail units in Q2.
• CMG Barclays analyst Jeffrey Bernstein lowered the firm's price target on Chipotle to $38 from $40 and keeps an Equal Weight rating on the shares. The company's Q1 comp beat estimates despite a softening in March, and its April comps have reaccelerated, the analyst tells investors in a research note.
• GEHC Barclays analyst Matt Miksic lowered the firm's price target on GE HealthCare to $78 from $87 and keeps an Equal Weight rating on the shares. The company reported a Q1 earnings miss and lowered outlook, making it the first medical technology manufacturer to cut guidance due to oil prices and conflict-related pressures, the analyst tells investors in a research note.
• META Barclays analyst Ross Sandler raised the firm's price target on Meta Platforms to $830 from $800 and keeps an Overweight rating on the shares post the Q1 report. The firm says Meta is growing twice as fast as the digital advertising industry while "slimming down the company, an incredible feat." The company's AI progress coming off the Muse Spark introduction brings confidence that its "massive" investments will pay off down the line, the analyst tells investors in a research note.
• MSFT Barclays lowered the firm's price target on Microsoft to $545 from $600 and keeps an Overweight rating on the shares following the fiscal Q3 report. The firm sees the shares "starting to react better again." Azure is seeing a modest growth acceleration and Microsoft's spending comments "show healthy expansion driven by ongoing AI capacity shortage," the analyst tells investors in a research note. Barclays believes Microsoft remains well positioned to benefit from the ongoing AI momentum.
• WING Barclays lowered the firm's price target on Wingstop to $235 from $330 and keeps an Overweight rating on the shares. The company's Q1 missed on comp sales but beat on earnings, the analyst tells investors in a research note.

• NTR BofA upgraded Nutrien to Buy from Neutral with an $82 price target. The firm has been "hesitant to chase" chemical price inflation in disrupted markets, but Nutrien shares still trade at pre-conflict levels, which creates an attractive option for investors looking for conflict exposure. Nutrien is "a best-in-class operator in an agriculture market which looks increasingly bound for a more sustained bullish backdrop," the analyst added.
• AMZN BofA raised the firm's price target on Amazon.com to $310 from $298 and keeps a Buy rating on the shares after a "solid" Q1 Retail beat. AWS grew 28% year-over-year, accelerating 4 points from Q4 and above the Street consensus at 25%, though actual Street expectations may have been higher, the analyst tells investors. Following the Q1 AWS margin beat and backlog growth disclosure, the firm expects more optimism on AWS capacity returns, warranting a higher multiple, the analyst added.

• CVNA BTIG raised the firm's price target on Carvana to $485 from $455 and keeps a Buy rating on the shares after its Q1 earnings beat. The company again delivered strong unit growth, with vehicles sold rising over 40% for the sixth consecutive quarter, the analyst tells investors in a research note, adding that the reconditioning headwind is also improving with labor hours per vehicle near all-time best levels in April.
• GKOS BTIG raised the firm's price target on Glaukos to $141 from $131 and keeps a Buy rating on the shares. The company's Glaucoma and iDose revenue exceeded the firm's Q1 estimates while Epioxa is off to a strong start with even faster market development and payer coverage, the analyst tells investors in a research note.
• CHEF BTIG analyst Peter Saleh raised the firm's price target on Chefs' Warehouse to $82 from $74 and keeps a Buy rating on the shares. The company's Q1 report was especially strong, sizably beating expectations, with double-digit organic growth despite the concern about the Iran war, the analyst tells investors in a research note.
• FROG BTIG analyst Nick Altmann lowered the firm's price target on JFrog to $60 from $70 and keeps a Buy rating on the shares as part of a broader research note previewing Q1 results among Application Software names. Multiple trackers show supply-chain attacks persisting in Q1, supporting Core Security bookings momentum and a more second-half-weighted bookings profile that should provide more of a revenue buffer in the first half of the year, the analyst tells investors in a research note.
• WING BTIG lowered the firm's price target on Wingstop to $305 from $400 and keeps a Buy rating on the shares. The company reported disappointing Q1 sales with comps decline of 8.7% - worse than the firm's and buy-side expectations - as poor weather, higher gas prices, and overall malaise among lower-income consumers have intensified, the analyst tells investors in a research note.

• ETSY Canaccord raised the firm's price target on Etsy to $80 from $72 and keeps a Buy rating on the shares. The firm Etsy reported solid Q1 results for the standalone Etsy Marketplace, with active buyers growing sequentially for the first time in two years, GMS growth accelerating to the MSD range, and both take rate and profitability coming in above expectations.
• GNRC Canaccord raised the firm's price target on Generac to $325 from $300 and keeps a Buy rating on the shares. The firm said 1Q26 results landed on solid ground, but the real movement is in the revised outlook. Management nudged revenue guidance up to the mid-to-high teens, moving past the previous mid-teens forecast. The primary driver is the C&I segment, where growth expectations have been raised to the mid-to-high 20% range.
• GOOGL Canaccord raised the firm's price target on Alphabet to $450 from $415 and keeps a Buy rating on the shares. The firm said Google reported strong Q1 results, with total revenue modestly ahead of expectations on continued Search momentum and a standout quarter for Cloud. Advertising revenue growth accelerated roughly 200 bps versus Q4, thanks to the increased deployment of Gemini across ad infrastructure, which is making search more useful and enabling Google to better understand user intent to find the most relevant ad, even in instances when there is no direct user query.
• TENB Canaccord lowered the firm's price target on Tenable to $28 from $33 and keeps a Buy rating on the shares. The firm said Tenable's Q1 results came in ahead of guidance and our model on all key metrics, setting up a nice beat and raise quarter to start FY26. The business continues to perform consistently amidst a tough software market, but slowing growth brought down the quarter.

• XMTR Cantor Fitzgerald analyst Troy Jensen upgraded Xometry to Overweight from Neutral with a $62 price target. Xometry is seeing continued positive sentiment for 2026, supported by reshoring trends and growing exposure to production use cases, which together point to a healthy demand backdrop, the analyst tells investors in a research note. The company's prior investments are viewed as having driven market share gains and increased enterprise customer adoption, the firm says.

• QCOM Citi raised the firm's price target on Qualcomm to $160 from $140 and keeps a Neutral rating on the shares following the fiscal Q2 report. The shares rallied post earnings on news of a hyperscale data center customer ramping a custom silicon solution in December and expectations that Chinese handset sales should bottom in fiscal Q3, the analyst tells investors in a research note. Citi wants to see more evidence of Qualcomm's data center sales and agentic AI adoption before recommending the shares.

• SITE Deutsche Bank upgraded SiteOne Landscape to Buy from Hold with an unchanged price target of $160. The firm views the selloff in the shares post the Q1 report as "overdone." SiteOne reported Q1 EBITDA in line with consensus as better EBITDA margin more than offset weaker volumes in the seasonally small quarter, the analyst tells investors in a research note. Deutsche believes the market interpreted the company's reiterated full year guidance as an implicit cut. However, SiteOne is using conservative assumptions and the outlook has upside, the firm contends. It sees an attractive entry point at current share levels.

• CTSH Guggenheim lowered the firm's price target on Cognizant to $80 from $85 and keeps a Buy rating on the shares. Q1 results "proved that few, if any, are immune to ongoing complexity in the demand environment," the analyst tells investors. While the Q2 outlook signals near-term prudence in the wake of elevated levels of uncertainty, the outlook "also signals a shift in philosophy," the analyst added.
• HUM Guggenheim raised the firm's price target on Humana to $269 from $252 and keeps a Buy rating on the shares after the company reported Q1 EPS upside on favorable non-weather, non-flu related cost trend developments. Humana reported a solid quarter, "threading the needle against calls for potential miss/lower guide, and perhaps a misplaced position heading into 2027 bidding season," the analyst added.

• KALU JPMorgan analyst Bill Peterson downgraded Kaiser Aluminum to Underweight from Neutral with a price target of $142, up from $124. The company's leverage profile remains elevated relative to peers, the analyst tells investors in a research note. JPMorgan also sees marginal risk for Kaiser from scrap spread compression in 2027, partly reversing recent tailwinds. It views the stock's valuation as "rich" at current levels.
• META JPMorgan downgraded Meta Platforms to Neutral from Overweight with a price target of $725, down from $825, following the Q1 report. The stock in premarket trading is down 9%, or $56.87, to $612.25. JPMorgan is "encouraged" by Meta's 33% year-over-year revenue growth in Q1, supported by AI-driven advertising strength. However, the company's increased infrastructure spending and lack of visibility into its AI product pipeline warrant a downgrade, the analyst tells investors in a research note. The firm believes Meta's full-stack AI competition from Google and Amazon is intensifying. As such, Meta has a more challenging path to returns on its "heavy" AI capex beyond advertising, JPMorgan contends. It believes the shares could remain under pressure as investors look for greater clarity on Meta's agentic products and how Muse models will help drive sales beyond advertising.
• TER JPMorgan analyst Samik Chatterjee upgraded Teradyne to Overweight from Neutral with an unchanged price target of $400. The firm cites valuation for the upgrade following the 20% post-earnings selloff. The "lumpiness" in customer purchasing of test equipment has limited changes to Teradyne's long-term drivers and secular catalysts, the analyst tells investors in a research note. JPMorgan says the pullback in the shares "offers materially higher upside" on its largely unchanged expectations.
• AMZN JPMorgan raised the firm's price target on Amazon.com to $330 from $280 and keeps an Overweight rating on the shares. The company's currency-neutral revenue growth accelerated to 15% in Q1, the highest in 3.5 years, the analyst tells investors in a research note. The firm says Amazon Web Services growth of 28% was the fastest in 15 quarters, while the backlog nearly doubled year-over-year, due to stronger demand across both core workloads and AI adoption. JPMorgan reiterates as its best internet idea.
• CVNA JPMorgan raised the firm's price target on Carvana to $465 from $455 and keeps an Overweight rating on the shares. The firm upped estimates post the Q1 report, viewing the quarter as "reassuring." The stock offers "compelling" risk/reward despite the recent rally, the analyst tells investors in a research note. JPMorgan expects Carvana shares to continue re-rating, saying the company delivered on the key retail unit key performance indicator in Q1, "importantly reining in reconditioning headwinds at a faster pace than expected."
• QCOM JPMorgan analyst Samik Chatterjee raised the firm's price target on Qualcomm to $160 from $140 and keeps a Neutral rating on the shares. The company reported a modest earnings beat in fiscal Q2, but the headwinds in the smartphone industry drove the Q3 outlook below consensus, the analyst tells investors in a research note. However, JPMorgan says the earrings print brought increased visibility for Qualcomm's handset revenues. While Qualcomm will have visibility into stabilizing handset revenues, the smartphone industry "is hardly out of the woods with the likelihood of further pressure in the underlying market with further worsening of memory shortages and memory price increases," adds the firm.
• APH JPMorgan raised the firm's price target on Amphenol to $200 from $190 and keeps an Overweight rating on the shares post the Q1 report. The firm says Amphenol is "back to its typical trajectory of material beats and raises." It cites the company's "robust exposure to AI tailwinds combined with best-in-class execution" for the target boost.
• FICO JPMorgan analyst Alexander Hess lowered the firm's price target on FICO to $1,225 from $1,325 and keeps a Neutral rating on the shares. The company reported a fiscal Q2 beat on better mortgage pricing power, the analyst tells investors in a research note. The firm believes investor debate will likely continue around the future of consumer credit scoring in the mortgage market.
• EBAY JPMorgan raised the firm's price target on eBay to $100 from $87 and keeps a Neutral rating on the shares. The company reported a Q1 beat and Q2 guidance upside on broad-based strength, the analyst tells investors in a research note. JPMorgan believes the quarter should ease durability concerns around eBay.

• FSS KeyBanc raised the firm's price target on Federal Signal to $140 from $130 and keeps an Overweight rating on the shares. The firm think the stock's reaction was driven by results that alleviated concerns surrounding orders and backlog. Further, KeyBanc believes Federal Signal has earned its operational credibility over time - and with the company actively executing to reduce its lead times and backlog, the firm expects a greater level of monetization leading to likely above average incremental margins.
• SBAC KeyBanc raised the firm's price target on SBA Communications to $250 from $235 to reflect higher estimates, while keeping an Overweight rating on the shares. The firm notes Q1 results were slightly better than expected. Looking forward, KeyBanc sees a broad array of spectrum coming in the pipeline, which should drive leasing. Fundamentally, the firm remains confident in SBA returning to a mid-single digit organic revenue and AFFO/share growth returning to the mid-to-high-single digit long-term, which continues to look undervalued.

• CVNA Morgan Stanley raised the firm's price target on Carvana to $510 from $450 and keeps an Overweight rating on the shares. The firm, which says Carvana delivered strong profitable growth with "a clean beat and momentum for FY26," comes away from the print reiterating "strong conviction" in its Overweight thesis.
• KLAC Morgan Stanley analyst Shane Brett raised the firm's price target on KLA Corp. to $1,900 from $1,809 and keeps an Overweight rating on the shares. Earnings "provided something for both bulls and bears," namely a stronger 2027 growth outlook, but continued 2026 underperformance, says the analyst. While the firm agrees with the bears on 2026, it would "ultimately align with the bulls," the analyst tells investors.
• COCO Morgan Stanley analyst Eric Serotta raised the firm's price target on Vita Coco to $65 from $57 and keeps an Equal Weight rating on the shares. The firm sees "robust fundamental momentum" and upside to FY26 guidance, but along with a balanced risk/reward after the "substantial" stock outperformance over the last twelve months, the analyst tells investors.
• EBAY Morgan Stanley raised the firm's price target on eBay to $121 from $117 and keeps an Overweight rating on the shares after "a solid GMV beat & raise." Implied second half GMV deceleration is "spooking the market," but the firm sees clear levers for outperformance, which it argues "opens a compelling buying opportunity."

• GKOS Needham raised the firm's price target on Glaukos to $136 from $127 and keeps a Buy rating on the shares.
• CVNA Needham analyst Chris Pierce raised the firm's price target on Carvana to $600 from $500 and keeps a Buy rating on the shares.

• MVBF Raymond James downgraded MVB Financial to Market Perform from Outperform without a price target following the Q1 report. The firm reduced the bank's earnings estimates to reflect a "more measured" pace of fee income and overall earnings growth. This will temper near-term upside in the shares, the analyst tells investors in a research note.

• CAKE Stephens raised the firm's price target on Cheesecake Factory to $65 from $61 and keeps an Equal Weight rating on the shares. Cheesecake delivered a "strong" Q1 report and the Q2 framework points to steady sales trends, modest margin progression, and "a healthy development cadence," says the analyst, who came away from earnings "incrementally more positive on the name."
• CMG Stephens raised the firm's price target on Chipotle to $39 from $38 and keeps an Equal Weight rating on the shares. Q1 came in better than expected, but "the more important takeaway" was the forward comp outlook, the analyst tells investors. While FY26 comp guidance remained about flat, April commentary pointed to demand moving in the right direction, adds the analyst, who thinks results "helped bolster the recovery narrative and should shift investor sentiment more positive."
• VMC Stephens analyst Trey Grooms raised the firm's price target on Vulcan Materials to $340 from $330 and keeps an Overweight rating on the shares. Q1 results beat, driven primarily by aggs volume growth, the analyst tells investors. Vulcan has a strong track record of recovering higher costs and holding onto that price even as costs inevitably come down, the analyst tells investors.
• SOFI Stephens analyst Kyle Joseph lowered the firm's price target on SoFi Technologies to $25 from $26 and keeps an Overweight rating on the shares following a lighter Q2 guidance and maintained FY26 outlook. While some of the pressure on shares after earnings is tied to the lighter Q2 view, and resulting back-weighted guide for FY26, the company alluded to this on the Q4 earnings call, so it is "not new," the analyst contends.
• PRG Stephens raised the firm's price target on Prog Holdings to $47.50 from $40 and keeps an Overweight rating on the shares. Q1 was highlighted outperformance from Leasing combined with ongoing strength at Four, notes the analyst, who considers the outperformance and improved guidance "favorably."

• AMZN Stifel raised the firm's price target on Amazon.com to $319 from $294 and keeps a Buy rating on the shares. Net sales of $181.5B were 2% ahead of the Street and operating income of $23.9B was 15% better than consensus, driven by outperformance across all segments except physical stores, says the analyst after what the firm calls "overall a solid and relatively quiet quarter."

• AMZN Susquehanna raised the firm's price target on Amazon.com to $325 from $300 and keeps a Positive rating on the shares. The firm noted the company reported solid results and is seeing sustained strong demand for AWS, which again saw growth accelerate. The 2Q guide was ahead of expectations on revenue but a bit below on profitability, as the company accounts for higher transportation costs and investments across the business.
• CRS Susquehanna raised the firm's price target on Carpenter Technology to $495 from $470 and keeps a Positive rating on the shares. The firm updated its model following Q3 results and have increased revenue and margin forecasts given the highly favorable Aerospace & Defense demand environment.
• ENPH Susquehanna lowered the firm's price target on Enphase Energy to $32 from $36 and keeps a Neutral rating on the shares. The firm said they reported 1Q results, with revenue and EPS largely in-line with estimates. 2Q revenue was guided to $280-$310M, including $85M in safe harbor shipments, as sell-through to begin the year has been weaker than anticipated following the expiration of the 25D tax credit.
• GOOGL Susquehanna raised the firm's price target on Alphabet to $460 from $400 and keeps a Positive rating on the shares. The firm said they posted strong results driven by search and cloud. They remain positive for the long term due to the secular ad growth story, the Cloud ramp, emergence of AI, and a more shareholder-friendly capital allocation approach.

• GOOG TD Cowen raised the firm's price target on Alphabet to $450 from $375 and keeps a Buy rating on the shares. The company's "monster" cloud results in Q1 signal an "AI inflection point," the analyst tells investors in a research note. TD upped its long-term forecasts for Alphabet post the earnings report.
• META TD Cowen analyst John Blackledge lowered the firm's price target on Meta Platforms to $800 from $820 and keeps a Buy rating on the shares. The company's advertising revenue had another big quarter in Q1, but Meta upped its capex guidance, the analyst tells investors in a research note. The firm says Meta shares are down 7% on the higher capex guide and Q2 revenue outlook, which was slightly above consensus at the high end.

• AGIO Truist lowered the firm's price target on Agios Pharmaceuticals to $36 from $39 and keeps a Buy rating on the shares. The company's Q1 earnings included a more rapid than anticipated launch for Aqvesme, which comes as a welcome surprise to the firm, the analyst tells investors in a research note.
• GOOGL Truist raised the firm's price target on Alphabet to $415 from $385 and keeps a Buy rating on the shares. The company's stronger than expected Q1 results saw accelerating growth across Search and Cloud, while higher margins are the clearest sign yet of the positive impact of AI investments that the management has been making in the past few years, as well as the vertical integration strategy that it has pursued, the analyst tells investors in a research note.
• AMZN Truist analyst Youssef Squali raised the firm's price target on Amazon.com to $310 from $285 and keeps a Buy rating on the shares. The company's stronger Q1 results saw accelerating revenue growth across AWS, online stores, and advertising, the analyst tells investors in a research note. FY26 capex guidance also remains unchanged at about $200B aimed at building out AI capacity to satiate the significant demand that the management is currently seeing with a backlog of $364B, Truist added.

• F UBS analyst Joseph Spak lowered the firm's price target on Ford to $14 from $15 and keeps a Buy rating on the shares. The 2027 EPS forecast is being reduced by about 10% to $1.88, reflecting a lower "jumping-off" point as higher commodity costs reduce Novelis benefits and push the earnings trajectory out by about a year., the analyst tells investors in a research note. While longer-term growth drivers like SuperDuty expansion, improved Model E economics, richer mix, and emerging BESS and software opportunities remain intact, the timing of earnings acceleration has been delayed, the firm says.
• HUM UBS raised the firm's price target on Humana to $262 from $195 and keeps a Neutral rating on the shares. The update reflects an improved Medicare Advantage final rate notice, with near-term trends tracking in line to better than expected, though additional claims data is needed to confirm there is no medical loss ratio pressure from newer members, the analyst tells investors in a research note. The higher rate provides Humana with more flexibility in 2027 bidding strategy to prioritize margin improvement, while future upside will depend in part on Star Ratings progress that would affect 2028 earnings, UBS says.
• CVNA UBS raised the firm's price target on Carvana to $520 from $485 and keeps a Buy rating on the shares. Carvana reported a solid quarter with EBITDA about 4% above consensus, driven by stronger retail GPU and better-than-expected unit trends, supporting improved near-term estimates and easing investor concerns, the analyst says in a research note. While results were mixed across sub-metrics, the company reinforced confidence in continued growth, cost leverage, and expanding profitability per unit, with expectations for further margin improvement in the back half of the year as operational efficiencies ramp, UBS says.
• GOOGL UBS analyst Stephen Ju raised the firm's price target on Alphabet to $410 from $375 and keeps a Neutral rating on the shares. Alphabet delivered a second consecutive quarter of stronger-than-expected Search revenue and accelerating Cloud backlog growth, signaling improved monetization of its generative AI investments, the analyst tells investors in a research note. However, while revenue estimates are edging higher, the focus is shifting toward elevated and potentially rising cost and capex levels into 2027, which could pressure EPS and keep near-term risk/reward less attractive relative to other large-cap internet peers given current valuation levels, the firm says.
• PI UBS raised the firm's price target on Impinj to $175 from $155 and keeps a Neutral rating on the shares. Impinj is seeing improving channel inventory dynamics, with demand tailwinds into Q2 supported by retail recovery and strong share gains, along with strength from the UPS program transitioning toward ASICs, the analyst tells investors in a research note. While record bookings provide near-term revenue support, visibility into 2H remains limited due to short lead times and conservative seasonal assumptions, the firm says.
• TEVA UBS raised the firm's price target on Teva to $42 from $36 and keeps a Buy rating on the shares. Teva reported Q1 results that reinforce improving confidence in its outlook, supported by a broader pipeline expansion and the Emalex acquisition, the analyst tells investors in a research note. The stock is viewed as having re-rating potential given its relatively de-risked profile versus peers, attractive valuation, and reduced geopolitical concerns following confirmation of no material operational impact from its Israel headquarters, the firm says.

• KLAC Wells Fargo analyst Joe Quatrochi raised the firm's price target on KLA Corp. to $2,100 from $1,900 and keeps an Overweight rating on the shares. The firm says KLA's recent share outperformance since its analyst day created a tough EPS setup and likely required a larger beat / raise. That said, Wells is a buyer on weakness as it again raised estimates on stronger outlook for 2026 and 2027.
• MAT Wells Fargo lowered the firm's price target on Mattel to $18 from $19 and keeps an Overweight rating on the shares. A Q1 top-line beat was encouraging, but a sizable margin miss, open questions around guidance, and mixed messaging on Q2 left more than enough to pick at, the firm says. Wells highlights sentiment "as poor as ever" and says it sees plenty of shots on goal ahead at trough multiple.
• MSFT Wells Fargo raised the firm's price target on Microsoft to $625 from $615 and keeps an Overweight rating on the shares following quarterly results. The firm says that investments are more clearly paying off as M365 and Azure each guided to acceleration and the company's AI business has now reached $37B. Copilot narrative is improving given pace of seat adds and confidence around usage/improvements, adds Wells.
• SLGN Wells Fargo raised the firm's price target on Silgan Holdings to $56 from $55 and keeps an Overweight rating on the shares. Following an atypical shaky year in 2025, Silgan's appears to be back on track with execution, while also displaying resilience to macro setbacks, the firm says. Wells expects a continued strong performance in 2026.
• CVNA Wells Fargo analyst David Lantz raised the firm's price target on Carvana to $475 from $425 and keeps an Overweight rating on the shares. The firm sees shares trading higher given Q1 retail unit/Adj EBITDA upside, reasonable Q2 expectations and signs that initiatives are resonating. Near-term obstacles remain, but Wells sees a compelling long-term opportunity with share gains sustainable.
• CAKE Wells Fargo analyst Zachary Fadem raised the firm's price target on Cheesecake Factory to $65 from $60 and keeps an Equal Weight rating on the shares. The firm sees shares deservedly higher post-Q1 comparable sales/EPS beat, traction with Bites/ Bowls menu and new loyalty program success. Shares have worked and sentiment is positive, but Wells still believes risk/reward is balanced.
• QCOM Wells Fargo analyst Aaron Rakers raised the firm's price target on Qualcomm to $160 from $150 and keeps an Equal Weight rating on the shares. The firm says the company's results were positively overshadowed by Qualcomm's comments that it will commence shipments of AI ASIC to large hyperscaler in Q4 2026, and also confirming recent reports of plans for AI-focused Arm-based CPU.
• ORLY Wells Fargo raised the firm's price target on O'Reilly Automotive to $110 from $105 and keeps an Overweight rating on the shares. SG&A/store again exceeded the firm's model, but Wells thinks O'Reilly gets a pass this time with 8.1% comparable sales smashing 5.5%-6% expectations and raising full year EBIT/EPS 1%/2%. The firm suspects this print puts higher oil, miles driven and waning inflation fears to rest.
• FICO Wells Fargo lowered the firm's price target on FICO to $1,400 from $1,650 to reflect lower peer multiples, while keeping an Overweight rating on the shares. The firm notes FICO delivered a strong Q2 beat, largely driven by an outperformance in B2B scores. Guidance was raised, but remains below Street estimates, due to conservatism, Wells adds, pointing out that FICO is also seeing strong demand for its direct license program.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 1:00 PM Et                    US Treasury to sell $70B in 5-year notes

• Earnings After the Close: AMKR ARE AVB BBBY BLX BRO BRX CBK CCK CDNS CINF CLS CR CTOS FSBC FSUN HLMN KFRC KRC LC NE NOV NUE NWBI PSA RMBS SANM SEI SSD TFII UHS VTR

• Needham Virtual Psychedelics Forum on 4/27
  
  

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Price M/M for February
• 9:00 AM ET                   CaseShiller 20 city index M/M for February
• 10:00 AM ET                 Consumer Confidence for April
• 10:00 AM ET                 Richmond Fed Index for April
• 1:00 PM ET US Treasury to sell $44B in 7-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL AKR APAM ARI ASH ATEN BE BKNG CXP CDNA CLW CSGP CTO CZR EIX ENPH EQR ESI ESS EXE EXLS EXR FE FFIV FICO GEF HIW HOOD HTO IR IVT LRN LSTR MDLZ MIR MX NBR NEO NOG NTB NXPI OHI OI OKE OMC ORN PEB PPG PRCH QUAD RBBN RNR RNST ROG RSI RUSHA SBUX SIMO SLDE ST STAG STX TER TMUS TRMK TRTX TWO UCTT UMBF UNM V VLTO VRNS WBS WELL WERN WM WPC

• 8:30 AM ET                   Durable Goods data for March
• 8:30 AM ET                   Housing Starts M/M for March
• 8:30 AM ET                   Building Permits M/M for March
• 8:30 AM ET                   Advance Goods Trade Balance for March
• 10:30 AM ET                 Weekly DOE Inventory Data
• 2:00 PM ET FOMC Rate Decision – no change expected holding at 3.5%-3.75%

• Earnings After the Close: ACHC ACR AFG AFL AGI ALGN ALKT ALL ALRS AM AMRZ AMZN AR ASIC AWK AWRE AXS BBT BELFA BHC BHE BN BNL BVN CAKE CBZ CHRW CLB CMG CMPR CNMD CNXN CP CUZ CVI CVNA CWH EBAY EG EQIX ESRT ETD F FCPT FIBK FLS FMC FORM FTAI GFL GKOS GOOGL GRBK ILPT INVH IRT KGC KLAC LUNG LXU MAA MAT MAX MC META MGM MORN MSFT MTG MUSA MYRG NFG NEW ORLY PDS PFS PI PLXS PPC QCOM QTWO REG RM RRR RWT SBAC SBRA SCI SFM TDOC TENB THG TTEK TTI TTMI TYL UAN UDR UFPI VIAV VICI WAY WFG WH WWD

• China Composite PMI for April

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Personal Income M/M for March
• 8:30 AM ET                   Personal Spending M/M for March
• 8:30 AM ET PCE Price Index M/M for March
• 8:30 AM ET PCE Price Index Y/Y for March
• 8:30 AM ET                   Core PCE Price Index M/M for March
• 8:30 AM ET                   Core PCE Price Index Y/Y for March
• 8:30 AM ET                   Gross Domestic Product (GDP) Q1 advance
• 8:30 AM ET GDP Q1 advance consumer spending
• 8:30 AM ET GDP Q1 price deflator
• 8:30 AM ET GDP Q1 Core PCE prices
• 8:30 AM ET                   Employment Cost Index (ECI) for Q1
• 9:45 AM ET                   Chicago PMI for April
• 10:00 AM ET                 Leading Index Change M/M for February
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAPL ACA ACCO AEM AIG AJG ALGT ALHC AMGN ANGX ARDS ASUR ATR AX AXTI BIO BZH CABO CERS CLX CNO COHU COLM CPT CUBE CWST DLB DRH DXCM EBS EGO EHC EMN EXPO FHI FIVN FND FSLR GDDY GDYN HCC HG HR HUN ILMN IMAX INBK INGM INN IRTC JAKK KIDS KWR LOPE LPLA MAT MHK MMSI MPWR MTX MTZ NEWT OLED OPAD OSPN PCRX PDM PK RBLX RDDT RHP RIOT RIVN RMD ROKU RYAN SBGI SEM SKT SNDK SNDR SPSC SPXC SYK TEAM TREE TRUP TWLO UMH WDC WEAV WHG WY ZETA

• 10:00 AM ET ISM Manufacturing PMI for April
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• Monthly auto sales for April released

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