Early Look

Friday, July 24, 2026

After posting hefty losses on Thursday on fears of rising inflation amid surging oil prices/Treasury yields, and underwhelming tech earnings from GOOGL, TSLA, and others , U.S. averages are pointing to a higher open after INTC reported a beat and raise quarter giving some life back into the tech trade. On Thursday, the S&P 500 and the Dow slid 1.2% and 1.0%, respectively, while the tech-heavy Nasdaq tanked 2.2%. All three indexes suffered their largest single-day percentage drops in a month, with all three on track for weekly losses. Consumer discretionary (XLY) and communication services (XLC) were among the day's biggest laggards, both falling more than 5%. Front-month WTI and Brent crude futures settled up 6.2% and 7.0%, respectively, after U.S. President Trump vowed to punish Iran for Houthi attacks on two Saudi oil tankers in the Red Sea, evidence that the U.S.-Israeli war on Iran is escalating and spreading. This morning, WTI crude oil prices pull back -2.75% to $89.65 but still on track for big weekly gains. In trade news, Trade Act of 1974 invoked reissued new duties on trading partners as the Trump administration imposed new levies on 60 trading Partners across the globe, collecting duties of between 10% and 12.5%. In Asian markets, The Nikkei Index declined 1,811 points to 64,611, the Shanghai Index dropped -62 points to 3,814, and the Hang Seng Index slipped -247 points to 24,963, ending the week lower. In Europe, the German DAX is up 210 points to 24,973, while the FTSE 100 rises 40 points to 10,678. The KOSPI closed down -5.7% Friday, with Samsung falling -7.6% and SK Hynix dropping -8.3%. This brings the KOSPI's decline to -28% from its June peak, with SK Hynix now down -40% and Samsung down -33% from their own peaks.

• The Dow Jones Industrial Average fell -506.93 points, or 0.97%, to 51,711.65
• The Nasdaq Composite sunk -553.21 points, or 2.15%, to 25,137.69
• The Russell 2000 Index declined -19.75 points, or 0.67% to 2,940.19

• 9:45 AM ET S&P Global Services PMI, June-flash…est. 51.5
• 9:45 AM ET S&P Global Composite PMI, June-flash
• 10:00 AM ET                 New Home Sales M/M for June…est. 610K
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Boyd gaming (BYD) Q2 Adj. EPS $1.93 (est. $1.88); Rev $1.034B (est. $1.037B); Total Adj. EBITDA $350.5Mm (vs $357.9Mm PY) vs est $310.96Mm; MW&S $556.9Mm, LV Locals $225.9Mm, Online $158.2Mm, Dt LV $52.1Mm; Div $0.20; buyback $156Mm, $551Mm auth.; debt $2.6B.
• Comfort Systems (FIX) Q2 EPS $12.53 (est. $10.45); Rev $3.27B (est. $2.99B); EBIT $558.0Mm (est. $478.6Mm); GP $844.2Mm (~25.9% margin); Operating Cf $1.14B; Backlog $14.06B (+73% YoY, +13% QoQ); Div $0.90 (+$0.10)
• Decker’s Outdoors (DECK) Q1 EPS $0.94 vs est $0.87 on revs $1.019B vs est $1.018B, gr mgn 56.4%; guides FY revs $5.86-5.91B vs est $5.899B, EPS $7.35-7.50 vs est $7.48 and gr mgn 56.5%

• Newmont Mining (NEM) Q2 adj EPS $2.10 vs. est. $2.18; Q2 sales $6.11B vs. est. $6.49B; Q2 net income drops -33% to $2.2B q/q and adj Ebitda -27% to $3.76B; said expects to spend $1.95B in 2026 in sustaining cap through targeted investments in critical infrastructure, including tailings Solutions; FY guide remains unchanged; Q2 average realized gold price was $4,414 per ounce and produced 1.3 mln attributable gold ounces.
• World Kinect (WKC) Q2 Adj. EPS $1.29 vs. est. $0.75 (beat); Rev $13.591B vs. est. $10.505B (beat, 2 est.); Adj. EBITDA $136Mm vs est $96.83Mm; Aviation Gp $208Mm (record high), Marine Gp $80Mm (record high), Land Gp $77Mm; raises FY26 Adj. EPS guide to $3.20–$3.40; qtrly div. +15% to $0.23/shr; repurchased $14Mm of stock Q2.

• Hartford Financial (HIG) Q2 adj EPS $3.42 vs. est. $3.16; Q2 revs $7.26B vs. est. $7.19B; Net income for Q2 rose 31% y/y, driven by higher premiums and investment income; Q2 book value per diluted share $70.28; Q2 net income $945M; said 5% written premium growth in Business Insurance contributed to higher earned premiums.
• Kinsale Capital (KNSL) Q2 adj EPS $5.54 vs est $5.10 on gr premiums written $527.6Mm vs est $551.73Mm, annualized ROE 28.9%, combined ratio 75.5%.
• Rexford Industrial (REXR) Q2 Core FFO/share $0.63 (est. ~$0.61); Core FFO $141.4Mm; Rev $245.5Mm (est. $240.2Mm); Portfolio NOI $186.8Mm; SS Cash NOI +1.5%; Occ. 95.7%; Comp. Rent -2.8% NE / -11.3% cash; GAAP loss ($2.26)/share (non-cash impairment); FY26 Core FFO $2.38–$2.43 (raised); FY26 GAAP loss ($1.32)–($1.27); Disp. guide $1.5–$2.0B; Net Debt 4.5x; Div $0.435; $100Mm buyback in Q2, new $1.0B auth.
• Robert Half (RHI) Q2 EPS $0.26 (est. $0.26, inline); Rev $1.336B (est. $1.322B); Net Inc $26.3Mm; Pretax $40.6Mm; within prior Q2 guide ($1.275–$1.375B / $0.20–$0.30 EPS).
• Selective Insurance (SIGI) Q2 adj EPS $1.95 vs est $1.66 on net premiums written $1.22B vs est $1.214B, adj ROE 13.7%, adj Bv/shr $60.56.
• SLM Inc. (SLM) Q2 EPS $0.29 vs. est. $0.48; Q2 net interest income of $333M, 2Q net interest margin of 4.75%, 2Q net income of $59M and 2Q ROCE of 9.9%; Private Education Loan originations increased 4.5% from the year-ago quarter; average loans outstanding, net, totaled $21.1B during the quarter; backs year EPS outlook.
• Stripe is in talks to acquire OpenRouter, a startup that helps developers choose between artificial-intelligence models, according to people familiar with the matter. A transaction could be announced soon, though the talks could still fall apart. The exact price being discussed couldn't be learned, but some of the people said the business could fetch about $10 billion in a sale – WSJ reported.
• Wise (WSE) shares fall after the U.S. Office of the Comptroller of the Currency denied Wise's application for a National Trust bank Charter as it was incompatible with Fed's new policies for payment system access. Wise plans to submit a new application under GENIUS Act framework, which pertains to digital assets like stablecoins

• Edwards Lifesciences (EW) Q2 EPS $0.78 vs. est. $0.74; Q2 revs $1.74B vs. est. $1.7B; Q2 TAVR sales rose 11.3% y/y to $1.3B; guides Q3 EPS $0.71-$0.77 vs. est. $0.75 and revs $1.63B-$1.71B vs. est. $1.69B; Narrows higher FY26 revenue growth view to 10%-11% from 9%-11%; affirms FY26 EPS view of $2.95-$3.05 vs. consensus $3.01.
• Novo Nordisk (NVS) ‌said it is seeking a preliminary U.S. court injunction to immediately block obesity and diabetes drug advertisements by Eli Lilly (LLY).
• Summit Therapeutics (SMMT) reiterated concerns about remaining a going concern in its June quarter SEC filing. The company used the same language in its March quarter earnings filing.
• Tenet Healthcare (THC) Q2 adj EPS $6.12 vs. est. $4.26 and Q2 revs $5.63B vs. est. $5.44B; now sees FY26 adjusted EPS $20.30-$21.69 above consensus $17.85 and year revs $21.9B-$22.5B, vs. consensus $21.98B; authorizes $2B increase to share repurchase program.

• AppFolio (APPF) Q2 EPS $1.71 vs. est. $1.69; Q2 revs $281.12M vs. est. $277.2M; sees FY26 non-GAAP operating margin range as a percentage of rev is increasing to 26.5% - 28.0%; sees FY revs $1.11B-$1.12B vs. est. $1.12B.
• Digital Realty (DLR) Q2 EPS $1.21 vs. est. $0.47; Q2 adj FFO $2.65 and Q2 total bookings $208M; sees FY core FFO $8.15-$8.20 up from prior $8.00-$8.10 and raises FY adj Ebitda outlook as well; said signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time.
• Knowles Inc. (KN) Q2 Adj. EPS $0.33 vs. est. $0.30, beat; revenue $166.8Mm vs. est. $163.28Mm, beat, up 14% YoY; bookings and backlog were highlighted as drivers; Q3 revenue guidance $167Mm-$177Mm vs est $169.93Mm.
• MaxLinear (MXL) Q2 revs rose 55% y/y to $168.8M vs. est. $164.6M; Q2 Infrastructure business up 145% y/y reflecting accelerated adoption of optical AI data center products.
• RingCentral (RNG) Q2 EPS $1.22 vs. est. $1.17 and revs $657M vs. est. $650.6M; sees Q3 revenue $664M-$670M, vs. consensus $663.6M; raises FY26 EPS $4.96-$5.10 from prior $4.76-$4.97 and est. $4.95; boosts FY26 revenue $2.635B-$2.646B vs. est. $2.63B; raises quarterly dividend from 7.5c per share to 12.5c per share; NICE expanded its partnership with RNG under a new multi-year agreement, adding resale of RingCentral’s UCaaS product RingEX.
• SAP AG (SAP) Q2 adj EBIT $2.7B vs. est. $2.8B; Q2 revs rose 9% y/y to EU9.88B vs. est. EU9.85B; Q2 IFRS operating profit rises 8% to EU2.64B; Q2 current cloud backlog EU22.9B; backs FY26 cloud revenue EUR 25.8B-EUR26.2B.
• SS&C Technologies (SSNC) Q2 EPS $1.76 vs. est. $1.68; Q2 revs $1.69B vs. est. $1.66B; sees Q3 adj EPS $1.73-$1.79, vs. est. $1.72 and sees Q3 revs $1.657B-$1.697B vs. est. $1.69B; sees FY revenue $6.672B-$6.832B vs. est. $6.75B
• VeriSign (VRSN) Q2 EPS $.38 vs. est. $2.36; Q2 revs rose 6% y/y to $434.6M vs. est. $433.1M; authorized additional $884M for share repurchases, buyback authorization now $1.5B; posted 5.1% y/y increase in .com and .net domain name registrations drove revenue growth for Q2 and 12.7M new .com and .net registrations, up from 10.4M y/y.

Mid-Morning Look

Friday, July 24, 2026

U.S. stock markets are mixed early as tech weakness drags the Nasdaq lower, Smallcaps are lower, but the S&P 500 holding up well as strength in most sectors help offset the early tech weakness. Real Estate (+2.3%), Energy (+1.4%) and Communications (+0.86%) are outperformers among S&P sector ETFs, while Consumer Discretionary (+0.15%), Financials (+0.25%) and Technology (-1.32%) pace the underperformers with 10 sectors gaining versus 1 declining. U.S. stocks close the week on a subdued note following days dominated by geopolitical headwinds, an earnings deluge, a weak tape and rising inflation expectations. Technology continues to dominate market narratives, as investors contend with a growing wall of worry over AI spending, rising competition from Chinese frontier models, and increasingly crowded positioning and seeing semiconductors pulling back further after a massive multi-year run.

In geopolitical news, U.S. threats to Iran keep a bid under oil prices, supporting U.S. Treasury yields, while tech/cons discretionary stocks continued to wobble post earnings results (large capex spending) and the USTR confirmed sweeping tariffs on trading partners. President Trump told Axios on Thursday that he is seriously considering restarting major combat operations in Iran including strikes that would be bigger than the ones carried out during Operation Epic Fury.

In trade news, the Trump administration is set to impose new 10% and 12.5% tariffs on 60 trading partners, including the European Union, over what it says is insufficient enforcement of forced labor restrictions. The measures take effect as the temporary 10% global tariff expires and represent another step toward President Donald Trump's broader trade agenda after the U.S. Supreme Court earlier this year struck down portions of his reciprocal tariff framework.

• June single-family home sales 628K unit ann. Rate, (v. est. 610K) as June single-family home sales +1.6% vs.  May -4.3%; June home sales Northeast +3.6%, Midwest +2.5%, South +9.9%, West -22.4%; June new home supply 9.3 months' worth at current pace vs May 9.4 months.

• Telecom & Cable sector: VZ beat Q2 EPS ($1.30 vs. $1.27) and wireless service expectations, then raised its FY26 outlook as now sees adjusted EPS of $4.99-$5.04, up from a previous ceiling of $4.99; Q2 total operating revs $34.3B missed est. $35.16B, but Q2 postpaid phone net additions 184,000 topped estimates 103,900 with Q2 Broadband net additions 348,000. In cable, CHTR Q2 revs fell -1.7% y/y to $13.5B vs. est. $13.52B, as adj EBITDA declined 4.3% y/y -year to $5.4B as revenue fell and costs remained flat; Spectrum Internet customers declined by 172,000 in Q2, video customers decreased by 21,000 and fell by 107,000 y/y.
• In Oil Services: SLB beat Q2 Wall Street expectations for profit with EPS of $0.55 topping the $0.51 estimate on better revs $8.97B, lifting other service names (BKR, HAL), though the company flagged that Middle East first-half revenue declined on lower activity and conflict-related operational disruptions, with the timing of a full recovery remaining uncertain. Overall, the whole energy complex remains well bid this week as oil prices slip Friday, but up big on the week on Iran.  BP is in advanced talks to sell its solar business, Lightsource, to a consortium backed by Kuwait's sovereign wealth fund, the Financial Times reported.

• BAH +14%; shares rallied on earnings results while forecasts FY adj. EPS to $6.00-$6.35 and revenue in the range of $11.2B-$11.70B vs analysts' est of EPS $6.29/$11.64B.
• DLR +13%; shares jumped as Q2 revenue rises 29% y/y to $1.9B, lifts 2026 revenue outlook to $6.85B-$6.95B, and core FFO outlook on strong customer demand; posted record bookings and rental rate increases on renewal leases supported revenue and backlog growth.
• EW +3%; delivered an upside surprise on Q2 sales and EPS of 2% and 4% and was upgraded at Leerink saying co checks nearly all the boxes: 1) a positive earnings setup, 2) an attractive catalyst path including the final TAVR NCD update, 3) multiple underappreciated tailwinds for TAVR.
• RNG +20%; reported a beat & raise 2Q, with revenue of $657M, up 5.9% Y/Y, and operating margins of 23.4%, up 90bps Y/Y and number of customers using at least one paid AI product has doubled Y/Y
• SAP +7%; 2Q operating income missed Street estimates (partially from M&A expenses), and there are signs of revenue and margin growth deceleration, but Current Cloud Backlog continues showing strong growth, and management reaffirmed the 2026 FCF and 2027 top-line growth.
• SLB +8%; as the oil service giant beat Q2 Wall Street expectations for profit with EPS of $0.55 topping the $0.51 estimate on better revs $8.97B, lifting other service names.
• THC +21%; shares jumped on results/guidance as Q2 adj EPS $6.12 vs. est. $4.26 and Q2 revs $5.63B vs. est. $5.44B; now sees FY26 adjusted EPS $20.30-$21.69 above consensus $17.85 and year revs $21.9B-$22.5B, vs. consensus $21.98B (better than comp CYH results the day prior).
• VZ +3%; beat Q2 EPS ($1.30 vs. $1.27) and wireless service expectations, then raised its FY26 outlook; secured a deal worth more than $1 billion to provide dark fiber connectivity for GOOGL data centers

• CHTR -4%; Q2 revs fell -1.7% y/y to $13.5B vs. est. $13.52B, as adj EBITDA declined 4.3% y/y -year to $5.4B as revenue fell and costs remained flat; Spectrum Internet customers declined by 172,000 in Q2, video customers decreased by 21,000 and fell by 107,000 y/y.
• DECK -3%; posted in-line Q2 sales of $1.02B and maintained its FY sales outlook of $5.86B-$5.91B while raising GY26 EPS view by a nickel vs. prior view to $7.35-$7.50 though noted Q2 gross margin is expected to be down due to tariffs and rising freight cost
• HIG -3%; shares slipped after messy quarter as operating EPS of $3.42 topped ests $3.20 while underwriting was the primary source of weakness as the underlying loss ratio deteriorated 1.3pts y/y to 58.3%, with the pressure concentrated in Middle Market and National Accounts.
• INTC -3%; reverses overnight strength; posted its strongest revenue growth in more than fifteen years, with 2Q revenue of $16.1B (up 25% y/y), roughly $1.8B above the guidance midpoint, adj-GM of 41.8% (280bps above guide), and adj-EPS of $0.42 versus $0.20 guidance and $0.22 consensus.
• SMMT -8%; shares fell after announced up to $380M at the market equity sales program, with proceeds used to develop lead product candidate, ivonescimab, including clinical trials in non-small cell lung cancer (NSCLC), colorectal cancer, other solid tumors; also posted Q2 net loss that narrowed
• WSE -6%; after the U.S. Office of the Comptroller of the Currency denied Wise's application for a National Trust bank Charter as it was incompatible with Fed's new policies for payment system access.
• ZVRA -20%; shares slide after the European Medicines Agency's CHMP adopted a negative opinion on the co’s marketing application for arimoclomol, saying the treatment's efficacy had not been sufficiently demonstrated.

Closing Recap

Thursday, July 23, 2026

Thursday was a rough day for the Nasdaq and tech stocks as shares of Alphabet (GOOGL) and Tesla (TSLA) both declined sharply alongside STM, TXN, NOW and MBLY after earnings results, but the bigger story for today at least was the spike in oil prices and subsequent jump in Treasury yields and the dollar on rising inflation fears. Brent crude jumped 7% to around $101 a barrel following attacks on tankers in the Red Sea that choked off a second crucial Middle East channel for global oil supplies alongside Iran's near closure of the Strait of Hormuz. Tesla shares tumbled 14% on Thursday as it posted its first cash burn in two years. Alphabet fell about 7% after the Google parent also burned through cash and said it would ramp up AI spending by another $15B to $200B for the year. Tonight we get earnings from Intel (INTC) Iin the semi sector. Industrials (XLI), Energy (XLE) and Healthcare (XLV) led the S&P today, but the decline in Consumer Discretionary (XLY down -4%), Communications (XLC) and Consumer Staples (XLP) overshadowed.  There were a few bright spots in earnings as railroads CSX, UNP jumped on results, but airlines AAL, LUV declined on their results and the surge in oil prices; defense stocks RTX, LMT also rallied behind beat and raise quarters. Homebuilders lagged alongside mortgage related companies on rising Treasury yields and mortgage rates.

The story of the day was oil prices, surging again as Brent rises above $100 per barrel and WTI crude above $90 as the U.S. ramps up its attacks on Iran, adding to inflationary concerns. Brent is up over 40% for the month thus far, and its recent rise has put pressure on bond prices, sending Treasury yields to highest levels since early 2025 (190yr above 4.7% and 2-yr above 4.36%). The dollar has also surged in reaction, moving to over 40-year highs vs the safe haven Japanese yen which fell again today. Jobless claims, the only economic data point today, was strong coming in at lowest levels since 1969 adding to the case for interest rate hikes in the near-term futures from the Fed as well. The bond market's moves are likely the most significant, as investors head toward next week's Federal Reserve policy decision and consider what the rising U.S. debt load could mean for the $31 trillion Treasury market. Fed funds futures are pricing in a roughly 82% likelihood that the central bank lifts borrowing costs at its September policy meeting, according to CME’s FedWatch tool. A week ago, those odds sat below 53%.

In Central Banks, the European Central Bank (ECB) kept interest rates unchanged as expected on Thursday but held the door open to another increase in September, as a fresh jump in energy prices threatens to keep inflation well above its 2% target. The ECB raised rates in June and hinted at more to come but pulled back following a string of benign data on prices, wages, economic activity and inflation expectations. The FOMC meets next week where no changes to rates are expected.

• The U.S. Treasury has ramped up sales of short-term bills this month as the government borrows more money and is weighing on debt sentiment. Reuters noted growing federal deficits and higher interest payments have pushed U.S. borrowing needs sharply higher, leading Treasury to increase issuance of short-term debt that has been absorbed quickly by money market funds. Wells Fargo's macro strategist said net bill issuance in July so far of roughly $270B already exceeded his forecast for the entire month of $256B. Goldman Sachs said that 2026's total bill supply was expected to reach $827B vs. roughly $360B in 2025.

• Consumer services: ROL was downgraded by a few firms including RBC from Outperform to Sector Perform as performance over the last few quarters has fallen short of mid-term guidance. The firm noted after earnings last night that organic growth has underperformed mid-term guidance for three consecutive quarters, with incremental margins falling short in seven of the last eight quarters.

• Casinos & Gaming: LVS Q2 results were worse than expected, but mostly hold-driven, as the company is gaining volume share. Susquehanna noted investors now look thru to 2H26 where (1) seasonality improves (April & June are seasonally softer); (2) Macau opex trends begin to stabilize; and (3) MBS likely regains its DD volume growth in August.
• Leisure & Cruise sector: NCLH was downgraded from Buy to Hold at Truist as shares approach its $20 PT and to account for a rise in promotional activity. Additionally, post-CCCL earnings Truist is updating its estimates and raising its CCL price target to $31 from $29 primarily on lower assumptions for fuel. In movie theatre, IMAX shares jumped on Q2 EPS/rev beat ($0.43 vs. $0.28) and anticipates a strong slate of major releases in H2 2026; reported its highest Q2 box office since 2019
• Ride hailing/Food Delivery: UBER cut 10% of jobs in its customer service operations as it simplifies the division & expands its use of AI. The company said fragmented processes were limiting its ability to deploy AI at scale. This marks Uber’s first round of layoffs explicitly tied to AI-driven efficiency. LYFT shares tumbled after a Bleecker Street Research report saying they were short LYFT as it estimates the company faces $1.3B to $2.7B of undisclosed liabilities from rideshare sexual assault litigation.

• Energy sector: broad strength in energy complex with new record highs for several refiners (DK, PBF, VLO, MPC), and general strength as Brent crude tops $100 per barrel. MTDR agreed to acquire Paloma Permian LLC, a portfolio company of EnCap Investments L.P., for $1.275 billion in cash, adding 16,235 net undeveloped acres in Eddy and Lea Counties, New Mexico, along with oil and natural gas producing properties in the Delaware Basin. LBRT shares tumbled after announces joint venture with PowerBridge to support planned gigawatt-scale data center campuses, including an initial deployment of over 300 MW targeted for late 2027.

• Financial services: in lending, URI shares jumped after reported Q2 adj. EBITDA of $2.06B, above est. $1.91B, EBITDA margins of 46.6% beat est. of 45.5%, while the updated guide implies stronger revenue and margins in 2H26 vs consensus; total sales of $4.41B beat est. of $4.21B driven by higher General Rental revenue and Specialty revenue vs its prior estimate. In mortgage sector, RKT, OPEN, ZG, UWMC shares pressured amid rising Treasury yields/mortgage rates.
• In REITs: EGP reported in-line 2Q26 results (FFO of $2.36/share) and raised FY26 FFO guidance by 0.3% at the midpoint. FR reported a $0.02 2Q26 FFO beat, with mgmt's FY26 FFO guidance increasing by a similar amount. SSNOI growth decelerated as expected but remained elevated at 6.7%, while development leasing exceeded expectations. GTY reported Q2 AFFO in line vs. est. and raised its FY26 AFFO guidance by 0.8% (+4.1% y/y). NTST reported Q2 AFFO in line with est. but raised both its FY26 AFFO guidance by 0.4% to $1.37-$1.39 (+5.3% y/y) and net investment activity guidance by 25%.

• WST reports Q2 EPS ahead of expectations and raising FY EPS guide at the midpoint by 4.5%. Q2 net sales $872.3M vs $841.5M est. Sees FY adjusted EPS $8.85 to $9.05, saw $8.40 to $8.75. Sees FY net sales $3.35 billion to $3.38 billion, saw $3.30 billion to $3.35 billion. Q2 organic sales +12.7%.
• Healthcare Services: Citigroup with HealthTech and distribution preview as AGL was downgraded to Sell from Neutral as sees a less favorable risk/reward following the stock's recent rally, downgraded EVH to Neutral from Buy (raise tgt to $6.75) also on a less favorable risk/reward following the stock's recent rally and added an "upside 30-day catalyst watch" on GDRX saying it has been able to capture nearly one-third of all Wegovy pill transactions. Looking ahead to Q2, sees most upside from PRVA as it thinks they will raise guidance on continued shared savings strength and new acquisition and TDOC with BetterHelp poised to beat on continued Insurance acceleration and DTC stabilization. HIMS shares bounced after an FDA advisory panel votes to place bpc-157 peptide on allowed pharmacy compounding list.
• Managed Care sector: MOH mixed results as EPS $1.51 vs. est. $1.44 while revs fell -4.8% y/y to $10.9B; MLR of 92.2% +170bps y/y was below consensus 92.4% and raised 2026 adj EPS $0.25 to at least $5.25 reflecting 1) +25c Medicaid upside, 2) +$1.50 Medicare upside, 3) -$1.50 HIX pressure.
• Hospital operators: CYH shares fell on -9% earnings miss driven by soft elective surgeries and unfavorable payor mix, partially offset by supplemental payments in Indiana and Florida (Q2 revs $2.825B vs. est. $2.89B) and guides year EPS loss (-$1.25-$1.10) and revs $11.4B-$11.6B).
• Life Sciences & Tools: TMO 2Q Revs $11.99B (vs. $11.7B cons), Organic 5% (vs. 3% cons), with each segment + margins ahead of street. Updated guidance coming on the call – with focus on cadence of organic growth through the 2H following the step up in 2Q. DGX reported Q2 beat and raising FY EPS guide by 4% at the midpoint of the range. Q2 EPS $3.12 vs $2.83 est; the group saw a bounce after falling earlier this week on softer DHR results/guidance.

• Railroads: CSX reported stronger-than-expected Q2/26 results, driven primarily by robust productivity gains while the company raised 2026 guidance, now targeting stronger revenue growth, 350bps of operating margin expansion despite higher fuel costs, and over 80% FCF growth versus prior guidance of over 60%, with CAPEX unchanged. UNP also posted a top and bottom line beat for Q2 results and an operating ratio of 59.7% and adjusted OR of 59.2%.
• Trucking sector: KNX reported Q2 adj EPS of $0.63, exceeding $0.51 Street consensus as result nearly doubled y/y and beat the midpoint of management's $0.45-$0.49 guidance range by over 30%; consolidated revenue of $2.1B, rising 12.6% Y/y. Truckload revenues (excl. fuel) were marginally better than its assumptions, with stronger yield development (5.5% vs 3%).

• Aerospace sector: For SPCX, GOOGL discloses $94B SpaceX stake following IPO. Approximately $80 billion of the SpaceX stake is subject to a short-term lockup.

• Chemical sector: DOW Q2 results topped consensus for revenue and earnings as higher polyethylene prices lifted results across its businesses, but pointed to softer demand trends, lower volumes and higher costs heading into the second half of the year.
• Paper & Packaging: PKG reported Q2 adj EPS of $2.35, modestly above consensus of $2.31 with strong corrugated demand, record shipment levels in the legacy business, improving contribution from the acquired Greif assets, while Q3 guidance came in slightly below consensus. SON Q2 results were modestly ahead of consensus expectations, driven by stronger-than-expected performance in Industrial Paper Packaging while biggest strength within Industrial Paper Packaging.
• Homebuilders: the sector was broadly lower following another spike in Treasury yields (boosting mortgage rates impacting purchases and refinances), along with weaker results from builders; NVR Q2 EPS fell -23% to $83.96 vs est. $89.98 per share and revs down -10% y/y to $2.28B (est. $2.39B) while PHM yesterday reported Q2 EPS of $2.58 topped ests but was down from $3.03 y/y and revs fell to $3.98B from $4.4B y/y saying market conditions remain highly competitive.

• The spending on AI a boost for the AI supply chains with semis/opticals/data centers, etc. Other derivatives call on GOOGL capex raise: Wells Fargo said AVGO most visible positive derivative call after Cloud results + significant backlog build, and continued TPU usage + expanding / ramping external sales expansion. Also says to focus on ANET becoming one of ANET's new 10%+ customers in 2026; Google's new Virgo network w/ TPU v8 deploy remains key focus.
• Telecom & Cable: CMCSA reported Q2 adj EPS of $1.04 vs. $0.97 est. on revs $29.94B vs. $29.30B est. with Peacock reaching first-ever quarterly EBITDA profitability at $189M and paid subscribers rising 2M net additions to 48M, while domestic broadband net losses of 167K came in roughly in line with ests. TMUS Q2 EPS topped estimates, revenue came in just below expectations, but management raised cash flow guidance while maintaining its subscriber growth forecast for 2026; ATwas upgraded from Peer Perform to Outperform at Wolfe noting Q2'26 included improving churn despite a price increase, strong account growth, share buyback acceleration, a reiteration of long term guidance, and a clearer path to EBITDA upside in 2026.
• Data Centers: among sectors benefitting from the increased capex spending by GOOG overnight (strength in CIFR, WULF, IREN, CLSK), as well as more positive analyst comments. Morgan Stanley initiated HUT at Overweight and $263 tgt and RIOT Overweight and $36 tgt while APLD initiated at EW and $36.50 price target on Bitcoin miners turned-high performance computing companies, which it calls powered shell providers, noting that it remains bullish despite the recent market pullback among such "PSPs." Recent deals with hyperscalers show highly attractive terms.

• AMD launched a raft of AI hardware that will rival NVDA, attempting to capture market share in the fast-growing data center chip sector, especially for inference computing, which is the data crunching that occurs when a user queries a chatbot such as OpenAI's ChatGPT. During a keynote address, AMD CEO Lisa Su said the company thinks the total computing market will hit $2 trillion by 2030, with $1.4 trillion of that from chips that speed up AI and $220 billion of it from central processing units (CPUs). AMD unveiled Helios AI accelerator system, calling it the highest performance AI rack in the industry.
• STM shares slide as Q2 results topped expectations at $0.31/$3.49B vs. $0.27/$3.47B consensus, but guided Q3 revs around $3.7B, below the $3.78B consensus while expects a gross margin of 37%, plus or minus 200 basis points; now expects revenues from its data center to be above $1B.
• TXN printed a Q2 revenue beat, with sales $5.46B (vs. est. $5.24B), representing a +13.2% q/q increase, with every end market growing sequentially and raised Q3 revenue midpoint of $5.90B (+8.0% q/q), above historical seasonal +3% q/q. TXN noted it saw Q2 strength broaden across all segments beyond what it has been seeing in DC doubled Y/y) and Industrial (+30% Y/y).
• MBLY shares fell as founder Amnon Shashua plans to step down as CEO once a successor is appointed; the company also narrows its 2026 revenue forecast range to $1.97B-$2.02B, raising the midpoint by $20M after reports Q2 revenue of $508M, beating analysts' avg est of $481.2M.

Street Recommendations

Friday, July 24, 2026

• CMCSA Barclays analyst Kannan Venkateshwar lowered the firm's price target on Comcast to $26 from $28 and keeps an Equal Weight rating on the shares post the Q2 report. The company's turnaround plan appears to be on track but its second half performance will be key to understanding sustainability of the process, the analyst tells investors in a research note.
• NSC Barclays analyst Brandon Oglenski raised the firm's price target on Norfolk Southern to $400 from $360 and keeps an Overweight rating on the shares post the Q2 report. The merger settlement agreement with CN is supportive of eventual Union Pacific-Norfolk Southern deal approval, the analyst tells investors in a research note. The firm says both Union Pacific and Norfolk are performing well as the fundamental backdrop for railroads improve.
• TMUS Barclays analyst Kannan Venkateshwar lowered the firm's price target on T-Mobile to $215 from $230 and keeps an Overweight rating on the shares following the earnings report. T-Mobile's growth remains the strongest in the industry, but investor focus is on "second derivative shifts," the analyst tells investors in a research note. The firm says that if the changing competitive landscape involves industry partnerships that do not include T-Mobile, "it may be tough to get back narrative."
• UNP Barclays raised the firm's price target on Union Pacific to $350 from $315 and keeps an Overweight rating on the shares. he merger settlement agreement with CN is supportive of eventual Union Pacific-Norfolk Southern deal approval, the analyst tells investors in a research note. The firm says both Union Pacific and Norfolk are performing well as the fundamental backdrop for railroads improve.
• URI Barclays raised the firm's price target on United Rentals to $950 from $715 and keeps an Underweight rating on the shares following the Q2 report. The company has navigated the weak cycle better than peers, but the debate now shifts to its earnings leverage, the analyst tells investors in a research note. The firm says United Rentals' margin assumptions remain muted.

• THC BofA analyst Kevin Fischbeck raised the firm's price target on Tenet Healthcare to $265 from $230 and keeps a Buy rating on the shares. The quarter came in "well ahead of expectations" and Tenet raised the EBITDA guide by 6.4%, the analyst tells investors. Unlike peers, strong cost control and state directed payments helped drive the hospital outperformance, adds the analyst, who raised estimates following last night's report.
• DECK BofA lowered the firm's price target on Deckers Outdoor to $105 from $115 and keeps a Neutral rating on the shares. Q1 "impresses," but Q2 guidance "disappoints," says the analyst, who adds that "all eyes" are on second half guidance that continues to include a ramp in sales growth and improving EBIT margins from more modest SG&A growth.

• CYRX BTIG raised the firm's price target on Cryoport to $25 from $17 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 in Health Care IT and Digital Health. The Cell and Gene Therapy markets are coming back up, MVE has returned to healthy growth, and BioLogistics and BioStorage divisions have both returned to high-teens growth, the analyst tells investors in a research note.
• HQY BTIG analyst David Larsen raised the firm's price target on HealthEquity to $115 from $110 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 in Health Care IT and Digital Health. While some of the hospitals are reporting that the consumer is more cautious due to the costs of oil, inflation, the war in the Middle East and other concerns, the overall labor markets are fairly healthy, the analyst tells investors in a research note.
• LFST BTIG raised the firm's price target on LifeStance to $15 from $12 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 in Health Care IT and Digital Health. Assuming that trend for specialty medications and other services like mental health is high, the volume-based organizations should benefit, the analyst tells investors in a research note.
• PGNY BTIG raised the firm's price target on Progyny to $40 from $30 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 in Health Care IT and Digital Health. While some of the hospitals are reporting that the consumer is more cautious due to the costs of oil, inflation, the war in the Middle East and other concerns, the overall labor markets are fairly healthy, the analyst tells investors in a research note.
• PM BTIG raised the firm's price target on Philip Morris to $221 from $216 and keeps a Buy rating on the shares after its Q2 earnings beat. The firm is positive on the continued combustible strength and likely boosted sentiment around US pouches and broader heated, the former supported by outlined additional US investment.
• MCD BTIG lowered the firm's price target on McDonald's to $350 from $370 and keeps a Buy rating on the shares. The firm has conducted its regular McDonald's franchise checks ahead of earnings to gauge recent sales trends, value traction, beverage results, and franchise sentiment, and the conversations pointed to muted results for the quarter, owing to general consumer malaise and difficult promotional comparisons versus last year, the analyst tells investors in a research note.
• NVR BTIG lowered the firm's price target on NVR to $7,446 from $8,096 and keeps a Buy rating on the shares. The firm is citing the company's Q2 earnings miss as land deposit impairments, lower other income, and higher taxes drove the miss relative to its estimates. BTIG adds that home sales revenue was light as backlog conversion missed, though this was offset by better gross margins excluding charges, the analyst tells investors in a research note.

• ROL Canaccord lowered the firm's price target on Rollins to $45 from $51 and keeps a Hold rating on the shares. The firm updated its model aft they reported Q2 results that were below expectations. Canaccord said given the large drop in the share price since the CFO transition was announced, we are warming to the story, but not there yet as business trends weaker and they're unsure whether it's a speed bump or a competitive issue.

• HPE Citi raised the firm's price target on HPE to $74 from $70 and keeps a Buy rating on the shares. Citi also opened an "upside 90-day catalyst watch" on HPE into the July quarter earnings report. Following AMD's analyst day and Intel's earnings report, the firm increased estimates for both Dell and HP Enterprise. It believes increased enterprise IT infrastructure spending continues to strengthen.
• URI Citi analyst Kyle Menges raised the firm's price target on United Rentals to $1,330 from $1,270 and keeps a Buy rating on the shares. The firm updated the company's model post the Q2 report. It cites a more constructive rental revenue and margin outlook for the target boost.
• PLTR Citi lowered the firm's price target on Palantir to $200 from $225 and keeps a Buy rating on the shares. The firm cites the stock's multiple compression for the target cut. However, it expects Palantir's U.S. commercial to rebound in Q2 after "unexpected deceleration" in Q1.
• UNP Citi analyst Ariel Rosa raised the firm's price target on Union Pacific to $349 from $326 and keeps a Buy rating on the shares. The company reported a "solid beat-and-raise" quarter, the analyst tells investors in a research note. However, Citi sees limited room for further multiple expansion from current share levels.
• LBRT Citi lowered the firm's price target on Liberty Energy to $28.50 from $32 and keeps a Buy rating on the shares following the Q2 report. The company increased capex to secure construction slots while pushing out power cash flow contribution expectations, the analyst tells investors in a research note. The firm says this is creating funding concerns.
• AMBP Citi analyst Anthony Pettinari raised the firm's price target on Ardagh Metal Packaging to $6 from $5 and keeps a Buy rating on the shares. The company reported its eights straight EBITDA as Europe significantly outperformed in Q2, the analyst tells investors in a research note. Citi upped estimates following the earnings report.

• CAR Goldman Sachs raised the firm's price target on Avis Budget to $95 from $85 and keeps a Sell rating on the shares. The firm raised its Q2 EBITDA estimate for Avis Budget, and expects results to keep the company on track for full-year guidance, with focus shifting to the sustainability of earnings in the second half of 2026 and beyond rather than a near-term guidance increase, the analyst tells investors in a research note.
• TSCO Goldman Sachs analyst Kate McShane lowered the firm's price target on Tractor Supply to $38 from $43 and keeps a Buy rating on the shares. Tractor Supply shares rose despite a weak Q2 print, guidance cuts, and the withdrawal of long-term targets, as investors appeared encouraged by improving June/July trends and early pet category stabilization, the analyst says. However, a sustained recovery likely requires a return to low-single-digit sales growth and margin expansion, Goldman adds.
• AAL Goldman Sachs analyst Catherine O'Brien lowered the firm's price target on American Airlines to $13 from $15 and keeps a Sell rating on the shares. American Airlines posted a better-than-expected Q2, but shares declined as higher fuel costs, aggressive capacity growth, and greater earnings sensitivity to oil prices weighed on the Q3 and FY26 outlook, the analyst tells investors in a research note.
• RHI Goldman Sachs raised the firm's price target on Robert Half to $29 from $26 and keeps a Sell rating on the shares. Robert Half delivered mixed 2Q results as Talent Solutions recovery gained momentum, but worsening Protiviti weakness, macro uncertainty, and AI-related staffing risks pressured the earnings outlook, the analyst tells investors in a research note.

• TSCO Guggenheim lowered the firm's price target on Tractor Supply to $40 from $50 and keeps a Buy rating on the shares. Q2 operating results broadly missed the firm's expectations, but the firm sees a path to 2027 EPS growth, driven by an anticipated return of positive comp growth, the analyst tells investors.
• SMMT Guggenheim analyst Brad Canino lowered the firm's price target on Summit Therapeutics to $38 from $40 and keeps a Buy rating on the shares. Management still expect to conduct the HARMONi-3 first-line squamous NSCLC final PFS analysis and take an early look at OS that should have high-teens months of follow-up that allows for a meaningful interpretation later in the second half of this year, but "the public topline disclosure after data cleaning could spill into early 2027," the analyst tells investors in a post-Q2 recap.

• SPCX HSBC initiated coverage of SpaceX with a Hold rating and $115 price target. The company has a leading position in the commercial space launch market and strong innovation track record, the analyst tells investors in a research note. However, HSBC is "prudent on pricing in" SpaceX's futuristic calls including space data centers, Terafab, and the lunar economy. Even with an "innovation premium" for the shares, HSBC sees 0.2% downside from current levels. The firm's "blue-sky scenario" implies a valuation of $293 per share.

• STTK JPMorgan analyst Brian Cheng initiated coverage of Shattuck Labs with an Overweight rating and $10 price target. Shattuck is a clinical-stage biotech developing an anti-DR3 antibody program within the "familiar" TL1A axis, the analyst tells investors in a research note. The firm says the company is pursuing a differentiated strategy to tackle the same axis by targeting the associated receptor. It believes Shattuck's SL-325 data last month are encouraging, providing early evidence of reduced immunogenicity that could translate to improved efficacy and safety relative to the earlier generations of TL1A agents.
• DLR JPMorgan raised the firm's price target on Digital Realty to $235 from $230 and keeps an Overweight rating on the shares. The firm views the company's Q2 report as strong. Digital Realty's raised its guidance on strong releasing performance, the analyst tells investors in a research note.

• URI KeyBanc raised the firm's price target on United Rentals to $1,350 from $1,250 and keeps an Overweight rating on the shares. Following United Rentals' Q2 beat-and-raise, the firm is raising its 2026 and 2027 estimates. KeyBanc thinks United Rentals remains the best positioned rental company given its outsized scale and exposure to large secular mega-projects. While time utilization remains at historically high levels driven by supply tightness for new equipment, the firm thinks industry conditions could support stronger rental rates and fleet productivity into 2027. Combined with its strong balance sheet optionality, it sees potential upside from M&A or further share repurchases.

• PGR Morgan Stanley analyst Bob Huang upgraded Progressive to Equal Weight from Underweight with a price target of $210, up from $190. The firm cites valuation for the upgrade. Progressive's current multiple is on the lower end of its historical valuation, the analyst tells investors in a research note. Morgan Stanley adds that Progressive's underwriting has been better than expected relative to its personal auto peers. The firm sees a fair valuation at current share levels.
• PAG Morgan Stanley downgraded Penske Automotive to Equal Weight from Overweight with a price target of $210, up from $190. The firm cites valuation for the downgrade with the shares up 34% in the last three months. The takeover offer of $210 per share "likely introduces a near-term trading floor for the stock, limiting downside risk as the deal is reviewed by the special committee," the analyst tells investors in a research note. Morgan Stanley says thesis on the stock has played out.
• INTC Morgan Stanley analyst Joseph Moore raised the firm's price target on Intel to $84 from $75 and keeps an Equal Weight rating on the shares. Intel reported stronger-than-expected upside and pointed to a higher level of spending tied to significant enthusiasm for long-term foundry prospects, the analyst tells investors in a post-earnings note. The firm adds that it is bullish on the CPU server market, though "less than some," "mixed at best" on Intel's server share prospects, and has "low conviction" in the company's foundry prospects.
• LMT Morgan Stanley raised the firm's price target on Lockheed Martin to $690 from $653 and keeps an Equal Weight rating on the shares following what the firm calls "a growth-fueled beat-and-raise" in Q2. The embrace of faster, cheaper solutions is "promising" and a missiles ramp is also "encouraging," but framework agreements still must firm up into contracts, the analyst tells investors.
• RTX Morgan Stanley analyst Kristine Liwag raised the firm's price target on RTX to $240 from $220 and keeps an Overweight rating on the shares. With strong demand across commercial aerospace and defense, a "strong beat-and-raise" in Q2 demonstrates that RTX's growth story and strong execution remain intact and reinforces a favorable setup into the second half and 2027, the analyst tells investors.

• MXL Needham raised the firm's price target on MaxLinear to $100 from $60 and keeps a Buy rating on the shares. The company reported a Q2 beat with guidance that came in well ahead of estimates due to robust data center demand, the analyst tells investors in a research note. Needham adds that MaxLinear's data center portfolio continues to broaden, with new products expected to contribute meaningfully to growth in 2027 and 2028.
• DECK Needham lowered the firm's price target on Deckers Outdoor to $125 from $138 and keeps a Buy rating on the shares. While the company reported a fine Q1, given the history of its big beats, investors are likely disappointed, the analyst tells investors in a research note. Needham adds, however, that DTC trends are solid, inventory/margin dynamics are favorable, and valuation is compelling.

• ROL Piper Sandler lowered the firm's price target on Rollins to $46 from $72 and keeps an Overweight rating on the shares. The firm cites lower estimates and a lower multiple assumption, given a more challenging near-term outlook and inconsistent results in the last three quarters. Q2 results were quite disappointing, driven by Resi weakness in May, Piper adds.
• TSCO Piper Sandler lowered the firm's price target on Tractor Supply to $31 from $32 and keeps a Neutral rating on the shares following Q2 results. A miss and guide-down was expected, and the firm walked away more positive following the Q2 earnings call and conversation with the company. While trends are expected to remain sluggish in the second half of the year, Tractor Supply is taking action to invest in price and improve share in companion animal.
• EW Piper Sandler raised the firm's price target on Edwards Lifesciences to $101 from $100 and keeps an Overweight rating on the shares. The firm notes the company reported strong Q2 results tonight, with beats across all revenue segments. Overall, Piper views the results as all-around positive, and it expects shares to trade well. The firm sees a favorable stock set-up looking forward with good momentum in the business and a catalyst rich second half of the year.
• TSLA Piper Sandler analyst Alexander Potter lowered the firm's price target on Tesla to $450 from $500 and keeps an Overweight rating on the shares. Following the Q2 results and publication of the 10-Q, the firm is cutting its 2026/2027 EPS estimates to reflect lower margins. This is particularly true in the Energy segment, but also in the Automotive segment. Piper is also cutting its estimates for regulatory credits. However, these revisions are partially offset by higher revenue, due to market share gains in the car market. The firm is also boosting its contribution from full self-driving software, and increasing its margins in the Service segment.
• RNG Piper Sandler analyst James Fish raised the firm's price target on RingCentral to $43 from $40 and keeps a Neutral rating on the shares. The firm notes RingCentral reported a slightly better quarter than expected, expanded and extended its NICE partnership, increased its dividend already, restructured the Avaya relationship, and raised annual guide by roughly the Q2 subscription upside flow-through.

• INTC Stifel lowered the firm's price target on Intel to $110 from $120 and keeps a Hold rating on the shares. The quarter reflects a beat of about 12% on revenue, roughly double on EPS, and about 610 basis points on operating margin in what the firm calls "a large, demand-led beat." However, the firm's stance remains that the 2026 re-rating "has already priced a meaningful chunk of the early turnaround" and the most important 14A catalyst, a signed external foundry customer, has "not yet arrived," the analyst tells investors.
• LBRT Stifel lowered the firm's price target on Liberty Energy to $36 from $37 and keeps a Buy rating on the shares. Shares slid 22% following slightly better-than-expected Q2 results, which the firm views as likely related to a few factors, including a sharp rise in 2026 capital spending, higher spending expectations to reach its 3GW target, slightly later initial power generation EBITDA contribution, and general weakness in hyperscalers. However, it believes the story is intact and views the drop in shares as a buying opportunity, the analyst tells investors.
• POOL Stifel lowered the firm's price target on Pool Corp. to $189 from $235 and keeps a Hold rating on the shares. The firm, which believes Q2 results and commentary "put Bulls on the sidelines while bringing bear arguments to the forefront," reduced its FY26-FY28 estimates and calls underperformance in the shares "appropriate."
• SMMT Stifel analyst Dara Azar lowered the firm's price target on Summit Therapeutics to $38 from $45 and keeps a Buy rating on the shares. The firm thinks "timing is the nuance here," noting that HARMONi-level maturity is not expected until 2027, while the second half guidance for both PFS and OS remains in place. However, the firm remains "open-minded," acknowledges the public unknowns and still has its "fundamental conviction intact," the analyst added.

• BX TD Cowen analyst Bill Katz raised the firm's price target on Blackstone to $145 from $133 and keeps a Buy rating on the shares. The firm said its post post 2Q update reinforces their building view that the sector is nearing a favorable inflection point and they see a more decisive upward pivot, presuming geopolitical risks fade.
• OZK TD Cowen lowered the firm's price target on Bank OZK to $52 from $53 and keeps a Hold rating on the shares. The firm noted NII expectations were lowered, with NIM declining in 2H and avgerage earning asset growth reduced, while expense guide increased.
• BFH TD Cowen analyst Moshe Orenbuch raised the firm's price target on Bread Financial to $114 from $103 and keeps a Hold rating on the shares. The company reported better than expected Q2 results where Loan growth was stronger and the company raised its guide for loan/revenue growth and lowered the credit guide.

• PYPL Truist analyst Matthew Coad upgraded PayPal to Hold from Sell with a price target of $57, up from $44. While the firm continues to believe that the PayPal turnaround story will be difficult, it says it is difficult to make a call on the stock while there is the potential for a Stripe/Advent takeout. The Stripe bid is "real" and there are potential synergies in a combination of the two companies, the analyst added.

• TENB UBS downgraded Tenable (TENB) to Neutral from Buy with a price target of $37, up from $32. Despite the recent pullback, the shares are still up 75% since the Mythos announcement, and still appear to be pricing in high-single to low-double digit growth, the analyst tells investors in a research note. UBS believes that level of growth would likely require significant upside to Q2 estimates or a strong second half guide for investors to remain confident. The firm's channel checks indicate that Qualys (QLYS) is stepping up competitively, and increasingly competing with a remediation-focused approach, "which could be a differentiator in the current environment." It views Tenable's risk/reward as balanced at current share levels.
• RTX UBS analyst Gavin Parsons raised the firm's price target on RTX to $215 from $198 and keeps a Neutral rating on the shares. RTX delivered another strong quarter with broad-based EBIT beats, strong Raytheon growth, Pratt & Whitney improvement, and resilient Collins margins, though elevated valuation and potential aftermarket headwinds remain key watch items, the analyst tells investors in a research note.
• AMD UBS raised the firm's price target on AMD to $730 from $700 and keeps a Buy rating on the shares. AMD's AI Day strengthened the long-term outlook, with expectations for significant server CPU growth, improved supply visibility, and expanded data center GPU opportunities supporting a potential path toward substantially higher EPS by 2028, the analyst tells investors in a research note.

• CLF Wells Fargo raised the firm's price target on Cleveland-Cliffs to $11 from $9 and keeps an Equal Weight rating on the shares. A return to positive free cash flow and favorable second half of the year outlook pointed to a stronger 2027 result, prompting better prospects for debt paydown, the firm says. Wells suspected shares could squeeze, but valuation looking full and still elevated leverage keeps the firm on the sidelines.
• DECK Wells Fargo analyst Ike Boruchow lowered the firm's price target on Deckers Outdoor to $85 from $90 and keeps an Underweight rating on the shares. The firm believes Q1 print adds more fuel to Bear Case and likely keeps Bulls from engaging despite valuation and lack of negative revisions. Wells cites another quarter where it thinks there are more questions than answers around the direction of the story.
• SLM Wells Fargo lowered the firm's price target on SLM to $28 from $30 and keeps an Overweight rating on the shares. The firm notes the stock was down in aftermarket on higher NCO related to the debt resolution-related strategy change and related EPS miss. Management's tone on credit was positive, and a new loan sale fund partner should be announced near-term, Wells adds.

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

• 8:30 AM ET                   Durable Goods Orders Ex Transportation M/M for June
• 10:30 AM ET                 Dallas Fed Manufacturing Index for July
• 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: AGYS AMKR APLD BLX BRO BRX CBK CBDNS CDP CINF CLS ESI FFIV FSUN KFRC KRC NBTN NTB NUE NVTS NWBI PFG RMBS RNGR SANM SSD SUI TFII UDR UHS WELL WHR

• 8:30 AM ET                   Advance goods Trade Balance for June
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Price M/M for May
• 9:00 AM ET                   CaseShiller 20-city index M/M for May
• 10:00 AM ET                 Richmond Fed Manufacturing for July
• 10:00 AM ET                 Consumer Confidence for July
• 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 ACHC AKR APAM ASH AXS BE BXP CAKE CAR CHE CLW CNP CR CSGP CTO CZR ENPH EXE EXLS EXR F FCF FE GEF HIW HURN KLAC LOGI LSTR MANH MDLZ MEOH MIR NBR NEO NOV NXPI OI OMC ORN PDM PDS PPG QRVO QUAD RBBN RNST ROG RUSHA SBCF SLDE STAG STX SWKS TER THG TLRY TMRK TTAM UMBF UNM V VLTO VRNS WERN WM WPC ZWS

• 10:30 AM ET                 Weekly DOE Inventory Data
• 2:00 PM ET FOMC Policy Meeting concludes; no changes to rates expected

• Earnings After the Close: ADPT AEM AGI ALGN ALKT ALRS AM AR ARIS ARM ASTL AUR AWK BBNX BBT BELFA BHC BHE BN BOOM CBZ CHDN CHRW CLB CMG CMPT CMTG CNMD CNXN COUR CP CRK CSL CVI CVLG CVNA CWH EA EFOR EG EIG EPR EQIX ESRT ESS ETD FCPT FICO FLS FMC FORM FTAI FTNT GFL GKOS GRBK HLI HOOD HXL INVH KGC LHX LRCX LUNG LXU MAA MAX MC MDXG META MGM MOD MORN MSFT MTG MTH MX MYRG NEU NFG NGVT NSP NEW OHI ORLY PBI PCOR PEB PFSI PI PLXS PMT PPC PRCH PSA PTC QCOM QTWO REG RGR RM RSI SBUX SFM SIMO SONO ST TDOC TENB TK TNK TREE TTEK TYL UFPI UIS VET VICI VTR WAY WFG WHD WWD

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Gross Domestic Product (GDP) for Q2
• 8:30 AM ET                   Personal Consumption for Q2
• 8:30 AM ET GDP Price Deflator for Q2
• 8:30 AM ET PCE Price Index (headline) for Q2 M/M
• 8:30 AM ET                   Core PCE Price Index for Q2 M/M
• 8:30 AM ET                   Personal Income M/M for June
• 8:30 AM ET                   Personal Spending M/M for June
• 8:30 AM ET PCE Price Index headline M/M for June
• 8:30 AM ET PCE Price Index headline Y/Y for June
• 8:30 AM ET                   Core PCE Price Index (core) M/M for June
• 8:30 AM ET                   Core PCE Price Index (core) Y/Y for June
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAPL ACCO ADC AEE AJG AMH AMZN ASUR ATR AX AXTI BFAM BJRI BWIN CDNA CERS CNO COHU COIN COLM CPT CSTL CTVA CUBE CUZ DLB DRH DXC DXCM EGO EIX EMN ERIE ES EXPO FHI FLGT FND FORR FSLR GDDY GH GLPI GSIT HR HUN ILMN INGM IR IVR KWR LNT LOPE LPLA LYV MHK MMSI MPWR MSA MSTR MTD MTX MTZ NBIX NXT OCFC OLED OLN PBA PTCT RBLX RDDT RIVN RYAN SAFE SNDR SONY SPSC SPXC SYK TBKK TEM VCYT WU WY

• China NBS Manufacturing PMI for July

• 9:45 AM ET                   Chicago PMI for July
• 10:00 AM ET                 University of Michigan Sentiment, July-final
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations, July-final
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Earnings After the Close: