Early Look

Thursday, August 13, 2026

U.S. futures are looking at a higher open, trying to build on yesterday’s gains but another round of key inflation data stands in the way at 9:30 am as the July Producer Price Index (PPI) is on deck. The consensus looks for PPI up 0.2% on the month in July and up 0.3% ex-food and energy. Investors will also monitor initial jobless claims and the Fed’s balance sheet. Wednesday was a solid day for tech, Ai, semis and data center infrastructure, rallying behind good earnings/spending and guidance headlines out of NBIS, CRWV, LITE, SMCI as all four surged carrying their respective sectors. An in-line CPI inflation report was enough to add to the positive sentiment as precious metals rose, though the dollar rallied and Treasury yields rebounded off initial declines. Fear also remains as absent of this market as the CBOE Volatility Index (VIX) hit its lowest levels of 2026 on Wednesday, falling over 5% to 14.40. Note BTIG technical strategist Jonathan Krinsky noted recently the market had reached a record streak of consecutive sessions (183 days) without an 80%+ downside-volume day on the NYSE (i.e., a day when at least 80% of trading volume came from declining stocks). This is described as the longest such stretch in at least 30 years (by a wide margin – by nearly 50 days). Are investors to relaxed remains the question after a record earnings season run of earnings beats. In Asian markets, The Nikkei Index rose 784 points to 68,308, the Shanghai Index fell -19 points to 3,926, and the Hang Seng Index slipped -43 points to 25,396. In Europe, the German DAX is up 140 points to 26,471, while the FTSE 100 is down -28 points to 10,804. Overnight picture in tech a little cloudier than the prior night as shares of CSCO, COHR, and CBRS all in the AI space all see declines following earnings.

• The Dow Jones Industrial Average fell -21.58 points, or 0.04%, to 53,770.27
• The Nasdaq Composite gained 143.04 points, or 0.54%, to 26,588.49
• The Russell 2000 Index advanced 18.38 points, or 0.61% to 3,045.49

• 8:30 AM ET                   Continuing Claims…est. 1.795M
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for July…est. +0.2% (prior -0.3%)
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for July…est. +4.9% (prior +5.5%)
• 8:30 AM ET PPI Core – Ex: Food & Energy M/M for July…est. +0.3% (prior +0.2%)
• 8:30 AM ET PPI Core – Ex: Food & Energy Y/Y for July…est. +4.2% (prior +4.7%)
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: AEYE AMAT API ARX AVX BEAT CBUS CODX DEFI DLO DMRC ETON FIGR FTLF GEMI GLOB GWH HAWK HIT HTFL IDN JCAP KLC LSF MDXH BKTR PED PETS REKR SPRY VERI VUZI WKHS XOS YSS

• Michael Burry disclosed his updated stock positions on Wednesday, adding to his short bets on Nebius (NBIS), Micron (MU), Oracle (ORCL) and the iShares Semiconductor ETF (SOXX), while increasing his long positions in Mercado Libre (MELI) and Zoetis (ZTS).
• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -3.2% vs -1% last week. Bulls fall to 34.7% from 37%, Neutrals rise to 27.4% from 25%, Bears fall to 37.9% from 38%

• Grocery Outlet (GO) Q2 adj. EPS $0.20 vs. est. $0.13; sales $1.19B vs. est. $1.17B; adj. EBITDA $65.7Mm vs. est. $56.5Mm; gross profit $360.7Mm; gross margin 30.2%; guides FY sales $4.7-4.72B vs est $4.659B, comps -0.5% to 0.0%, gr mgn 29.8-30.0%, adj EBITDA $225-235Mm vs est $226Mm, adj EPS $0.51-0.55 vs est $0.51.
• Jack in the Box (JACK) Q3 adj. EPS $0.96 vs. est. $0.88; revenue $257.7Mm, -1.8% YoY; adj. EBITDA $61.2Mm vs est $54.74Mm; same-store sales -1.1%; four openings and 17 closures in Q3; FY adj. EBITDA guidance $225Mm-$230Mm vs est $225.2Mm; FY CAPEX guidance $45Mm-$55Mm; year-end restaurant count about 2,100.
• StubHub Holdings (STUB) Q2 sales $573.06M vs. est. $521.9M; Q2 EPS $0.00 vs. est. $0.11; backs FY26 adjusted EBITDA $400M-$420M and sees FY26 GMS of $10.1B-$10.3B.

• Enovix Corp. (ENVX) Q2 adj. EPS ($0.13) vs. est. ($0.15); revenue $9.0Mm vs. est. $8.43Mm, +21% YoY; gross profit $1.3Mm; gross margin 14.4%; adj. EBITDA loss ($18.9)Mm vs est ($25.59)Mm; Q3 revenue guidance $9Mm-$10Mm vs. est. $10.3Mm; Q3 adj. EPS guidance ($0.17)-($0.13) vs. est. ($0.14).
• Maersk (AMKBY) raised its full-year earnings guidance for a second time this year and smashed profit forecasts as global container demand proved resilient in the face of the Middle East conflict; Q2 Ebitda was $3.0B topping ests $2.12B; wow expects underlying EBITDA of between $10.5B-$12.5B, up from a previous $8B-$10B, and underlying operating profit between $4.5B-$6.5B, up from a previous $2B-$4B.
• NANO Nuclear Energy (NNE) Q3 net loss -$10.1M on revs $214,042; Q2 R&D expenses +9% to $3.99M and G&A expense more than doubled to $11.86M; noted KRONOS MMR construction permit application was accepted for NRC review in May; company targets approval in mid-to-late 2027.
• NextEra Energy (NEE) has executed definitive agreements with the U.S. Department of Commerce and the Government of Japan to fund the development and operation of up to 10 gigawatts of natural gas-powered generation in Texas and Pennsylvania.
• Spire Global (SPIR) Q2 adj. EPS ($0.31) vs. est. ($0.39); revenue $18.0Mm vs. est. $18.1Mm, -6% YoY following the Maritime-business sale; gross profit $6.2Mm; FY revenue guidance $75Mm-$85Mm vs. est. $79.8Mm; FY adj. EBITDA loss ($26.0Mm)-($20.7Mm) vs est ($22.92Mm); FY adj. EPS guidance ($0.95)-($0.81) vs. est. ($0.88).
• In Railroads (UNP, CSX, NSC), U.S. rail freight volume climbed 2.4% year-over-year for the week ending Aug. 1, with intermodal traffic rising 4.8% and metallic ores leading commodity gainers at 9.1%. Through the first 30 weeks of 2026, total combined traffic is running 3.3% ahead of last year.
• Virgin Galactic (SPCE) shares fall after posts Q2 revenue of $134,000, down from $406,000 a year earlier and the company postpones launch of its first next-generation passenger spaceship into commercial service to February 2027 from Q4 of 2026; expects to deliver positive quarterly cash flow within 2027
• X-energy (XE) Q2 EPS loss (-$.21) vs. est. loss (-$0.10); Q2 revs rose 154% y/y to $54.6M vs. est. $33.6M; Services Revenue $50.1M, Grant Income $4.5M, Operating Expenses $164.6M, +156% YoY

• BitGo Holdings (BTGO) Q2 EPS loss (-$0.16) vs. est. loss (-$0.07), reversing prior-year profit due to unrealized losses on digital assets; Q2 revs rose 80% y/y to $4.33B vs. est. $3.78B driven by higher asset sales though margins fell due to lower spreads and product mix changes; announced that CFO, Ed Reginelli, will transition from his role during the coming quarter; authorized $50M share repurchase.
• Opendoor Technologies Inc. (OPEN) announced a series of transactions whose proceeds will add $440 million of growth capital to the balance sheet at a 0% coupon while reducing shares outstanding by 5%. The combined structure is designed so the Company expects no net share issuance until our stock exceeds $10.38 per share.
• Private equity firm Thoma Bravo will buy Accelerant (ARX) in an all-cash deal worth more than $4 billion deal, the insurance marketplace said

• Kura Oncology (KURA) Q2 EPS ($0.77) vs. est. ($0.88); revenue $20.9Mm vs. est. $21.4Mm; KOMZIFTI product revenue +57%; operating expenses $93.9Mm.
• Lumexa Imaging (LMRI) Q2 adj. EPS $0.20 vs. est. $0.16; revenue $264.2Mm vs. est. $263.1Mm; adj. EBITDA $56.4Mm vs est $55.99Mm; FY revenue guidance $1.045B-$1.097B vs. prior $1.045B-$1.090B and est. $1.07B; FY adj. EBITDA guidance $235Mm-$241Mm vs est $237.49Mm; FY adj. EPS guidance $0.71-$0.77 vs. est. $0.76.
• PTC Therapeutics (PTCT) to buy st-920 Gene therapy for Fabry disease from Sangamo Therapeutics (SGMO) as deal terms include $111M upfront and up to $100M in milestone payments; rolling BLA submission for st-920 expected to complete in Q4 2026.
• STAAR Surgical Co (STAA) Q2 EPS $0.39 vs. est. $0.23; Q2 revs doubled y/y to $93.5M vs. est. $90.6M; Q2 net income swung to $8.1M from a year-ago net loss while gross margin widened to 74.5%; Q2 China net sales rose to $52.3M; cash and investments climbed to $181.5M, with no outstanding debt.

• Cisco Systems (CSCO) Q4 adj EPS $1.22 tops consensus $1.17 and revs $17.3B vs. est. $16.83B; sees Q1 adjusted EPS $1.32-$1.34 topping ests and revenue $18B-$18.2B also beating consensus $16.66B; expects annual revenue between $72.2B-$73.4B, compared with analysts' average estimate of $68.69B; says $4B of orders taken in q4, bringing total for FY 2026 to $9.3B.
• Coherent Corp. (COHR) Q4 adj. EPS $1.74 vs. est. $1.61; revenue $2.05B vs. est. $1.99B; adj. operating Income $446Mm vs. est. $426.7Mm; adj. operating margin 21.8%; guides Q1 revs $2.2-2.4B vs est $2.135B, adj gr mgn 39.5-41.5$, adj EPS $1.85-2.05 vs est $1.77.
• Dynatrace (DT) has agreed to acquire Arize in a cash-and-stock deal valued at approximately $915M. Under the agreement, Dynatrace will pay about $815M in cash, with the remainder consisting of replacement equity awards for Arize employees joining Dynatrace.
• Harmonic Inc. (HLIT) Q2 EPS $0.24 vs. est. $0.17; revenue $133.5Mm vs. est. $120.9Mm; operating Income $23.6Mm vs est $25.67Mm.
• IBM Corp. (IBM) announces partnership with OpenAI to help enterprises deploy AI at scale across core business operations and complex workflows. Partnership embeds OpenAI frontier models like GPT-5.6 and products like Codex and ChatGPT Work into IBM Consulting Advantage, IBM's AI platform for delivering consulting services to clients
• Infleqtion Inc. (INFQ) Q2 EPS loss (-$0.12) vs. est. loss (-$0.05); Q2 revs $12.6M vs. est. $10.64M; raised its 2026 revenue outlook to about $43M; Q2 GAAP operating loss widened to -$30.6M; ended Q2 with $582M; commerce LOI provides for up to U$100M in proposed funding.
• Kimball Electronics (KE) Q4 adj EPS loss (-$0.01) vs. est. $0.39; Q4 sales $371.6M vs. est. $373.4M; said Q4 net sales rose 5% from the prior qtr, with all end-market verticals posting gains; Medical sales increased in Q4 and grew over 10% for the full year; sees FY27 revenue $1.535B-$1.56B vs. est. $1.53B and said expects organic sales growth of 3% to 5% for fiscal 2027.
• Alpha & Omega Semi (AOSL) shares fall on results; Q4 adj. EPS ($0.13) vs. est. ($0.24); revenue $170.4Mm vs. est. $168Mm, -3.5% YoY; adj. gross margin 23.7%; adj. operating loss ($4.8Mm); Q1 revenue guidance $166Mm-$186Mm vs. est. $180.5Mm

Mid-Morning Look

Thursday, August 13, 2026

U.S. stocks off to another strong start as the S&P 500 hits a fresh intraday record high (S&P 500 tops 7,800 for first time) behind better PPI inflation data and more momentum buying as oil prices ease along with Treasury yields, and tech (XLK) outperforms again as the Nasdaq rises +1%. New record highs for the Russell 2000 index as well as Smallcaps being helped by another inflation report that came in “cooler” than expected (after CPI yesterday) and compared to prior month, while the S&P 500 and Nasdaq both outperform in another broad based rally with defensive REITs, Consumer Staples and large cap tech outperforming the most. Following the CPI and PPI inflation readings back-to-back days, Fed rate hike chances have eased, boosting Treasury prices as the US Treasury 2-year yield continues to fall, hitting the lowest since mid-July; last down 6 bps at 4.13%. All systems go for Wall Street as stocks surging to highs and foreign markets also stay strong; Treasury yields and oil prices ease; precious metals have rebounded in July (down today) and market strength has been broad based with huge YTD gains for Energy and Tech (both over 30%), Materials +15% YTD, Consumer Staples (XLP) and REITS (XLRE) both up double digit percent YTD as Discretionary (XLY) and Commonly ones down on year. Brent crude futures shed 2% to trade at $86.98 per barrel, while WTI futures slid 2% to $81.14 per barrel.

• Weekly Jobless Claims climbed to 209,000 from 200,000 prior and vs consensus 202,000; the 4-week moving average unchanged at 199,000 (previous 198,750) while continued claims fell to 1.777M from 1.799M prior week (vs. consensus 1.795M).

• Mortgage Service sector: OPEN announces a $650M convertible offering of 0% convert Senior notes due 2030, a $158M repurchase of about 45.3M shares/conversion price ~$4.71, no net dilution below ~$10.38; BETR was downgraded to Neutral from Overweight at Cantor saying geopolitical uncertainty is likely to drive more persistent inflation and higher interest rates, resulting in a more challenging backdrop for its home lending products. Group benefited from lower rates today (COMP, RKT).
• Aerospace sector: SPCX gives back some recent gains after 40% run over 5 days; RKLB filed a prospectus supplement for a new equity distribution agreement allowing it to sell up to $1.944B of common stock from time to time; SPCE shares tumbled after Q2 revenue collapsed to $134,000 from $406,000 a year ago and the company pushed its first next-generation passenger spaceship commercial launch to February 2027 from Q4 2026, with positive quarterly cash flow now targeted within 2027. LUNR Q2 revenue of $206.17M missed the $216.33M estimate and posted a wider-than-expected quarterly net loss of (-$62.84M) vs estimates of (-$13.19M loss).
• Optical sector: after stellar results from LITE the day prior boosted the whole optical/photonics sector (CIEN, AAOI, COHR, GLW, FN), the group takes a breather today as COHR results, while strong, did not live up to the LITE results the day prior. Jefferies noted the gross margin guide of 40.5%, while ahead of Street, likely landed a touch softer than some expected given the higher revenue guide and the positive margin read-throughs from LITE last night.

• ARX +44%; to be acquired by private equity firm Thoma Bravo in an all-cash deal worth more than $4 billion deal, the insurance marketplace said.
• BIRK +16%; shares jumped after raising its full-year sales growth forecast to 15% above its prior 13%-15% range despite flagging a roughly 70-bps tariff headwind to margins in fiscal 2026 after Q3 sales of 719.5 million euros beat estimates.
• ENS +9%; rallied on earnings as Q2 adj EPS $3.66 crushed estimates of $2.83 and sales jumped to $935.6M from $893M y/y (est. $928M) saying growth was driven by strong demand in data centers, communications and aerospace & defense; Q2 EPS guide also above consensus.
• HLIT +16%; as Q2 beat and raise reflected accelerating ROM growth and improving customer diversification, supporting a higher FY26 revenue outlook and reinforcing the long-term cable architecture opportunity said Raymond James.
• IREN +9%; as delivers first 50MW Horizon Ai Cloud deployment to MSFT under five-year $9.7B contract. Three additional 50MW direct-to-chip liquid-cooled deployments are scheduled for delivery to Microsoft at the Childress, Texas campus in 2026.
• LNVGY +19%; after revenue jumped 43% to $26.94B, beating the $22.33B estimate; said it expects to reach its $100B annual revenue target ahead of schedule and plans to launch an AI PC powered by Nvidia RTX chips later this year (results boosted other PC makers DELL, HPQ).
• WWW +11%; beat Q2 estimates with adjusted EPS of $0.40 versus the $0.38 estimate on revenue of $506.4M vs $501M expected, while raises 2026 adj EPS view to $1.55-$1.65 from $1.43-$1.58 and ups its year sales outlook as well.
• XE +10%; after earnings results and CEO said that his company has been told by the U.S. Department of Energy that it will get up to another $1B in public funding for a project in Texas with DOW.

• CBRS -13%; shares fall on mixed results/guidance as Q2 revs $209.9M beat est. $190.6M while guides Q3 revs $214M-$216M vs. est. $210.2M; sees Q3 gross margins 38%-40% vs. est. 37% and FY GM’s 31%-43% above prior view 38%-41%; Q2 GAAP gross margin fell to 14%, down 16.9 percentage points and GAAP operating margin worsened; raises FY26 rev view to $880M-$890M from $855M-$865M.
• CLBT -36%; after in-line Q2 results but guides Q3 revenue $145M-$148M, vs. consensus $150.3M and cuts FY26 revenue view to $555M-$561M from $565M-$571M (est. $567.98M) and lowers FY26 ARR view to $550M-$560M from $567M-$573M, though raises FY26 adj EBITDA outlook; named new CEO.
• CSCO -6%; Q4 revenue beat consensus by 2.5% and EPS by >4% with upside broad based while FY27 guidance was better calling for 15% rev growth and 17.4% EPS growth, both above consensus but shares fell amid concern around sustainability of the growth acceleration and lower margins y/y.
• ONDS -7%; Q2 revs $83.8M vs. est. $68M while EPS loss of (-$0.19) missed the (-$0.08) loss estimate; posted backlog of approximately $613M as of June 30, 2026, and raised its 2026 revenue target to $525M-550M from prior at least $390M and vs. consensus of $525.03M.
• SPCE -5%; shares tumbled after Q2 revenue collapsed to $134,000 from $406,000 a year ago and the company pushed its first next-generation passenger spaceship commercial launch to February 2027 from Q4 2026, with positive quarterly cash flow now targeted within 2027.
• STUB -10%; shares fell after reported a second-quarter loss, as surging costs offset the boost in revenue that came from the 2026 FIFA World Cup.
• TPR -15%;  after guided FY27 revenue to $8.4-$8.5B (vs. est. $8.47B) and adj EPS to $7.80-$7.90 as weakness at Kate Spade and cautious spending in North America fueled concerns about momentum beyond its Coach brand.

Closing Recap

Wednesday, August 12, 2026

It was a perfect storm for Wall Street on Wednesday as the “AI” trade surged as earnings in key tech players (NBIS, CRWV, SMCI, LITE) boosted the broader sector and in-line inflation data led to a bounce in other sectors with major averages back near all-time highs. Fear has disappeared in recent weeks as the CBOE volatility index (VIX) hits over seven-month low, falling -5.7% down around 14.40 (2026 low) as Technology led, along with REITs as dividend paying sectors benefitted for a dip in Treasury yields on the CPI report. The CPI climbed 3.4% YoY in July, matching the consensus forecast and down from 3.5% the month before. Core CPI was up 2.5% vs 2.5% forecast and 2.6% the month before. Oil prices ended little changed as the situation in the Middle East remained volatile after a senior Iranian source said there had been no progress in talks to revive the interim deal agreed in June, but oil has not been a factor the last few days. Momentum, semis, opticals and Ai plays were today’s biggest winners in the S&P 500 along with REITs, Utilities and Consumer Staples while Consumer Discretionary, Communications and Materials were all down around -1%. Tomorrow attention turns back to inflation data with July Producer Prices (PPI) at 8:30 am et.

• U.S. July budget deficit $432B (significantly wider than the $348.3 billion economist estimate) and vs July 2025 deficit $291B. U.S. fiscal 2026 year-to-date deficit $1.799 trln vs comparable fiscal 2025 deficit $1.629 trln. U.S. July budget deficit largest since March 2021, and record high for month of July. U.S. July net customs receipts -$8.55B on gross receipts of $24.84B and refunds of $33.38B. U.S. July budget outlays $766B, record high for month of July, vs $630B in July 2025; receipts $334B vs $338B in July 2025.

• Treasury yields fell initially and precious metals rose following the monthly July inflation report for consumer prices (CPI), which came in higher than the previous month, m/m and y/y…but was exactly in-line with economist estimates easing inflation/rate hike fears ahead of the PPI tomorrow. The data gave a boost to Treasury prices initially as yields fell with the 2-Year Treasury yield dropped 4 bps to 4.17% and the 10-yr yield also declined 3 basis points, settling at 4.65% (but yields later bounced).
• Treasury yields partially recover from morning declines triggered by lukewarm July inflation, while the dollar strengthens. Treasury yields slipped initially following the in-line CPI inflation reading while the Treasury 10-year note auction draws highest yield since 2007. The US Treasury sold $53B in 10-year notes at a high yield of 4.683% (tail of 0.1 BPS), with the bid/cover ratio 2.53 as Primary dealers awarded 8.6%, Directs 14.67% and Indirects 76.73%. The Dollar Index rises 0.1%, reversing its morning losses.

• Retailer sector: GAP was downgraded from Buy to Hold at Jefferies and cut tgt to $23 from $29 saying they are increasingly concerned about softer trends at Old Navy (data pointing to higher promos & weakening survey metrics); notes Q2 represents the easiest comparison of the year, yet trends lag. Pandora (PNDRY) said EBIT for the April-June period came in at 1.46B Danish crowns ($225.35M), against an average estimate of 1.10B; raises forecast as now expects organic growth at between 0% and 3% in 2026, up from a previous range of -1% to 2%, and an operating profit margin between 22% and 23%, up from 21% to 22%.
• In Food & Beverages: PFGC Q4 adj EPS $1.59 just below est. $160 while revs rose 6.4% y/y to $18B vs. est. $18.09B, while guides Q1 revs $17.9B-$18.1B, below consensus $18.13B and sees FY27 revenue $72.5B-$73B, consensus $72.68B; BGS Q2 adj. EPS $0.06 vs. est. $0.07, miss; sales $383.3Mm vs est $395.95Mm; adj. EBITDA $60.4Mm vs est $60.56Mm; FY sales guidance $1.735B-$1.775B vs. est. $1.747B; FY adj. EBITDA guidance $275Mm-$290Mm vs. est. $278.8Mm.
• In Auto sector (GM, F, STLA): The Globe & Mail reported Canadian officials are considering a proposal that would have Ottawa accept U.S. auto tariffs in exchange for cutting levies for vehicles compliant with USMCA, citing three sources "on both sides of the border." The proposal under consideration would also keep an exemption for the value of U.S. content in cars exported from Canada.

• Leisure Activity/products: theater chain NCMI shares fall as Q2 EPS loss (-$0.10) vs. est. loss (-$0.09); Q2 revenue $58.4M miss est. $59.52M; entered into a definitive agreement to acquire Captivate Holdings, LLC, an operator of digital video elevator and lobby advertising in N.A at an enterprise value of $275M.

• Global oil supply will fall by 4.3M barrels per day, or around 4%, this year, the International Energy Agency (IEA) said in its monthly oil market report; the expected supply drop compares with the 3.7M bpd forecast in the IEA's July report and will take total supply to the IEA's lowest forecast yet for this year at 102.02M bpd.
• Power sector: BE shares rise on back of NBIS results after the company commented on the Vineland, NJ site and the switch to Bloom: “The amendment to the site layout plan was a result of the decision to switch the project's power source to Bloom.” Form Energy, a startup that makes giant iron-air batteries that store enough power to last several days has raised a new round of funding valued at $750M. The Co has now raised more than $2B in total, plans to use the money to boost manufacturing at its Weirton, W.Va., plant and for its first Wave of commercial projects, including a project for the utility Xcel Energy in partnership with GOOGL. SMR said may offer up to $750M of common stock under at-the-market sales agreement. TE Q2 cont ops EPS loss (-$0.14) vs. est. loss (-$0.10) on revs $250.13M above est. $198.84M and expects G1_Dallas 2026 production at the higher end of 3.1-4.2 GW range.

• Brokers & Exchanges: GS said it will acquire exchange-traded funds provider Neos Investments for as much as $2.25B, as the investment bank looks to bolster its presence in asset management. Neos, which provides ETFs on systematic options-based income, managed $30B in assets across 19 funds.
• In Financial Services: HRB rises on results as Q4 adj. EPS $2.38 tops est $2.21; revenue $1.14B vs est $1.118B; FY adj. EPS $5.31 vs. est. $5.16, beat; FY revenue $3.95B vs. est. $3.92B, beat; FY27 revenue guidance $4.11B-$4.16B vs est $4.054B; FY27 adj. EPS guidance $6.04-$6.24 vs est $5.86.

• DFTX study met primary and all key secondary efficacy endpoints; announces positive topline results from phase 3 Voyage study of DT120 ODT in generalized anxiety disorder; participants receiving DT120 ODT achieved a statistically significant reduction in Hamilton Anxiety Rating Scale (HAM-A) score.
• LEGN was downgraded to Perform from Outperform at Oppenheimer noting following in vivo CART readout on 6/2, LEGN significantly underperformed (-40% vs XBI's +24%); moves to sidelines until clarity is provided around new CEO, their relationship/alignment with the Board (misalignment may have caused CEO departure), and Carvykti/pipeline strategy.
• NBIX shares fell after experts in Prader-Willi Syndrome raised safety concerns over its Vykat XR drug (which they acquired from Soleno in a $2.9B deal in May) , citing serious adverse events reported in patients with the rare genetic disorder. The FDA Adverse Event Monitoring System (AEMS) showed seven reports of death linked to patients taking the drug as of July 31, 2026
• SMMT rises after its partner Akeso announced the marketing authorization in China for the use of ivonescimab, in combination with chemotherapy, for the first-line treatment of patients with advanced squamous non-small cell lung cancer 9also upgraded at Leerink today).

• Medical Testing/Labs: FRNM said the FDA grants breakthrough device designation to Freenome’s blood-based Simple Screen lung cancer screening test

• Chemical sector: Bloomberg reported that activist investor Ancora Holdings Group is offering as much as $1.2B buy FUL’s building adhesives operation, escalating a campaign that previously focused on opposing the chemical maker’s acquisition of a British medical-products company.

• Media sector: Josh Kushner and Bob Iger are purchasing the Los Angeles Lakers for more than $12 billion in a record-breaking deal, ESPN reported on Wednesday, citing sources with knowledge of the deal. Billionaire Mark Walter purchased a majority stake of the NBA team last year in a deal that valued the club at $10 billion, with the deal only having been approved by the board of governors in October. Shares of other public franchises moved in reaction (MSGS).

• Hardware: GOOGL raises prices of new phones on "severe" memory crunch. As debuts Pixel 11, Pixel 11 Pro, Pixel 11 Pro XL and Pixel 11 Pro Fold smartphones. New smartphones start at $899, while the foldable starts at $1,899.. New phones are $100 more expensive than the previous generation, citing a “severe” memory crunch. Announces upgraded Pixel Watch 5 starting at $399.
• Electrical Components & Parts: VELO shares rise on results as Q2 EPS loss (-$0.30) vs. est. loss (-$0.27); Q2 revs rose 52.3% y/y to $20.7M vs. est. $13.52M; raises FY26 revenue view to $65M-$75M from $60M-$70M (est. $64.16M); sees greater than 30% gross margin in 2H’26.
• Quantum compute sector: QNT reported Q2 adj EPS loss (-$0.28) vs. est. loss (-$0.26); Q2 revs $8M vs. est. $7.6M; sees FY26 revenue $28M-$32M, vs. consensus $26.47M; to partner with ORCL to accelerate hybrid quantum compute adoption on Oracle Cloud infrastructure.
• Software sector: with AI, semis, opticals and data centers rallying on Wednesday, investors were taking some recent profits in the software sector which has jumped meaningfully the last few weeks behind better earnings results from names like NOW, TEAM, TWLO, MSFT and others. In Security Software, OKTA was upgraded to Outperform from Market Perform at Citizens with $170 PT heading into earnings saying identity continues to be viewed as the most strategically important layer in Ai Security based on its industry discussions and says the near-term backdrop appears favorable. ORCL outperforms a weaker Software sector, helped by the better CRWV results with strong showing is helping reinforce Ai infrastructure demand optimism alongside Oracle-specific catalysts (layoffs for efficiency + Quantum/cloud news with QNT last night too)

• Hon Hai Precision Industry Co. reported a better-than-expected increase in quarterly profit, signaling robust global demand for AI hardware; Net income for the three months ended in June grew 35% to NT$60 billion ($1.9 billion), versus the average analyst projection of NT$58.4 billion. The company previously reported a 40% rise in quarterly sales. Revenue in July jumped 54.2% to NT$946.5 billion.
• U.S. memory stocks rose in overnight trading (MU, SNDK, SKHY) after reports that Singapore's sovereign wealth fund Temasek is planning to invest in Samsung Electronics and SK Hynix triggered a rally in South Korean stocks. Separately, Trendforce reported that consumer DRAM remains tight, with contract prices still rising but at a decelerating pace, while spot trading stays quiet and price consensus remains elusive
• SMCI shares rise as Q4 results were in line with pre-announced levels and, positively, FY27 revenue outlook was far above consensus (expects annual revenue between $65B-$72B, ahead of estimates of $52.50B) as SMCI noted diversity of the backlog in terms of customers as well as products.
• VLN rises after results and guides Q3 revenue $21.3M-$21.7M, above consensus $19.37M and sees gross margin to range between 60-62% and raises FY26 revenue view to $78M-$81M from $75M-$77M

Street Recommendations

Thursday, August 13, 2026

• CSCO Barclays analyst Tim Long raised the firm's price target on Cisco to $123 from $121 and keeps an Equal Weight rating on the shares. The company reported a fiscal Q4 beat on security upside and broad enterprise spending strength, while AI was largely in-line with estimates, the analyst tells investors in a research note. Barclays says that while the fiscal 2027 outlook implied slightly better AI and core business growing of 10%, the guidance includes lower product gross margin, which may be due to AI dilution.
• HTLD Barclays lowered the firm's price target on Heartland Express to $12 from $14 and keeps an Underweight rating on the shares. The firm says truckload spot rates moderated further sequentially, with early August trailing seasonality. However, annual gains remain north of 40% with incremental supply indicators generally favorable, the analyst tells investors in a research note.
• SMWB Barclays analyst Raimo Lenschow raised the firm's price target on Similarweb to $11 from $5 and keeps an Overweight rating on the shares. The firm views Similarweb's Q2 results and commentary as a "narrative shift," saying it seems clear that its large enterprise deals are no longer one-time in nature. The company emphasized that its pipeline is growing across a diversified base of customers, the analyst tells investors in a research note.
• CYTK Barclays raised the firm's price target on Cytokinetics to $110 from $95 and keeps an Overweight rating on the shares. The firm upped the company's estimates citing its solid Q2 report. The Myqorzo sales beat is encouraging in the first full launch quarter, the analyst tells investors in a research note.

• NIQ BMO Capital analyst Jeffrey Silber raised the firm's price target on NIQ Global to $20 from $16 and keeps an Outperform rating on the shares after its Q2 earnings beat. The firm notes that its increased confidence is also driven by emerging AI monetization opportunities, particularly Charter Programs, which the management believes can create a meaningful new source of incremental revenue, the analyst tells investors in a research note.
• PAAS BMO Capital analyst Matthew Murphy lowered the firm's price target on Pan American Silver to C$75 from C$76 and keeps a Market Perform rating on the shares after its Q2 update. The company expects to be at the lower end of gold production guidance in 2026 due to changes to mine practices at Jacobina and mining assumptions at El Penon, the analyst tells investors in a research note.

• MDB BofA raised the firm's price target on MongoDB to $540 from $450 and keeps a Buy rating on the shares. The firm, which thinks the market is "too focused on the wrong thing," cites higher conviction that MongoDB will win meaningful share of future AI workloads for it increased price target.
• GLBE BofA raised the firm's price target on Global-e Online to $52 from $44 and keeps a Buy rating on the shares. Global-e outperformed on all key metrics in Q2 and raised guidance across the board, says the analyst, who adds that momentum in the core business is "accelerating across several vectors."
• PHVS BofA raised the firm's price target on Pharvaris to $38 from $35 and keeps a Neutral rating on the shares. The firm updated estimates for Q2 results, cash and share count and increased its view of the likelihood of success for prophylactic deucrictibant to 50% from 40%, the analyst tells investors.

• KZIA Canaccord initiated coverage of Kazia Therapeutics with a Buy rating and $29 price target. The firm sees lead asset paxalisib in triple negative breast cancer as the main value driver for Kazia and currently estimate U.S. peak sales of $230M by 2036 in combination with current standard of care. Key data updates are expected by year-end and the company's preclinical pipeline gives "more potential long-term upside," the analyst tells investors.

• ESTA Citi upgraded Establishment Labs to Buy from Neutral with an unchanged price target of $92. The shares didn't rally post earnings despite Establishment posting a strong quarter, the analyst tells investors in a research note. Citi views the Q2 report as a "win" for the company and upgrades the shares on valuation post the recent pullback. Establishment is going into a new product cycle in reconstruction surgery, the firm adds.
• HEI Citi raised the firm's price target on Heico to $429 from $410 and keeps a Buy rating on the shares. The firm updated estimates and targets in the aerospace and defense sector following the Q2 reports. Defense stocks have bottomed and momentum should "surprise to the upside into the fall," the analyst tells investors in a research note. Citi is incrementally bullish on the group following earnings.
• AAP Citi analyst Steven Zaccone lowered the firm's price target on Advance Auto Parts to $57 from $60 and keeps a Neutral rating on the shares. The firm adjusted targets in the broadlines and hardlines group as part of a Q2 earnings preview. Most companies should reiterate or raised their fiscal year outlooks, the analyst tells investors in a research note.
• WSM Citi analyst Steven Zaccone raised the firm's price target on Williams-Sonoma to $248 from $200 and keeps a Neutral rating on the shares. The firm adjusted targets in the broadlines and hardlines group as part of a Q2 earnings preview. Most companies should reiterate or raised their fiscal year outlooks, the analyst tells investors in a research note.
• INTU Citi analyst Steven Enders lowered the firm's price target on Intuit to $457 from $591 and keeps a Buy rating on the shares ahead of the fiscal Q4 report. The firm sees the company resetting its growth outlook into 2027, creating a "clearing event" for the shares. Citi is "somewhat cautious" on Intuit's Q4 results.
• EYE Citi lowered the firm's price target on National Vision to $35 from $39 and keeps a Buy rating on the shares. The company's Q2 report met estimates, but its Q3-to-date trends "could have been better," the analyst tells investors in a research note. Citi still believes National Vision is in the early stages of a multi-year turnaround.

• MYRG Goldman Sachs lowered the firm's price target on MYR Group to $422 from $469 and keeps a Neutral rating on the shares. MYR Group is positioned to benefit from rising U.S. power and data-center demand, with the firm projecting a 13% revenue compound annual growth rate through 2030, 9% EBITDA margins, and additional growth from acquisitions and large high-voltage transmission projects, while viewing it as a relatively pure-play on grid expansion, the analyst tells investors in a research note.
• KRO Goldman Sachs raised the firm's price target on Kronos Worldwide to $8 from $7 and keeps a Sell rating on the shares. The firm raised estimates on a stronger near-term TiO2 pricing outlook despite persistent demand headwinds, with upside becoming more durable if housing demand improves, though pricing could normalize as Strait of Hormuz disruptions ease and sulfur costs decline, the analyst tells investors in a research note.
• CC Goldman Sachs analyst Duffy Fischer lowered the firm's price target on Chemours to $17 from $19 and keeps a Neutral rating on the shares. The firm raised estimates on a stronger near-term TiO2 pricing outlook despite persistent demand headwinds, with upside becoming more durable if housing demand improves, though pricing could normalize as Strait of Hormuz disruptions ease and sulfur costs decline, the analyst tells investors in a research note.

• SCYX Guggenheim raised the firm's price target on Scynexis to $33 from $24 and keeps a Buy rating on the shares to account for quarterly results and the inclusion of SCY-770 estimates into the firm's model. The firm is incorporating SCY-770 into its model with a 30% probability of success and $1.3B in peak annual U.S. sales.
• MSGE Guggenheim raised the firm's price target on MSG Entertainment to $103 from $82 and keeps a Buy rating on the shares after having updated the firm's model for fiscal Q4 earnings and management's initial outlook for FY27. The firm continues to believe the company should explore building a domestic small-to-mid-size Sphere, the analyst tells investors.

• FIVE Jefferies upgraded Five Below to Buy from Hold with a price target of $350, up from $210. The company's recent comp strength is largely attributed to squish-driven demand, but this overlooks structural improvements in the business, the analyst tells investors in a research note. The firm says Five Below is "transforming from a trend-driven retailer into a durable growth story with rising productivity." The company is seeing high-single-digit unit growth, structurally higher comps, and accelerating earnings growth, contends Jefferies. "The same playbook drove TJX's multi-year re-rating and we believe FIVE is on a similar journey," contends the firm.
• INO Jefferies upgraded Inovio to Buy from Hold with a price target of $3, up from $1.80. After speaking with management, the firm is "incrementally positive" on the shares, saying the FDA review on recurrent respiratory papillomatosis remains on track for the October 30 action date. Inovio reiterated confidence in accelerated approval eligibility and expects confirmatory feedback before FDA action date, the analyst tells investors in a research note. Jefferies says the company continues to advance launch preparations with a cash runway into late Q1 of 2027.

• AKAM JPMorgan analyst Samik Chatterjee upgraded Akamai to Neutral from Underweight with a price target of $158, up from $132. The firm has increased confidence in the company's growth profile rising from mid-single-digits to low to mid-teens in fiscal 2028. The growth will be driven by Akamai's cloud infrastructure services business, which is nearing $3B in contracted revenue this year, the analyst tells investors in a research note. JPMorgan says the company is winning deals for inferencing capacity against hyperscalers and neo clouds.
• CRM JPMorgan analyst Samik Chatterjee resumed coverage of Salesforce with an Overweight rating and $250 price target. The firm sees the company's core business accelerating in the second half of fiscal 2027. Concerns regarding disruption to Salesforce's position with enterprises from adoption of frontier AI models and competitive dynamics should be limited to a small portion of the business, the analyst tells investors in a research note. JPMorgan views the shares as inexpensive at current levels.
• MSFT JPMorgan raised the firm's price target on Microsoft to $625 from $550 and keeps an Overweight rating on the shares. The firm established a December 2027 price target for Microsoft citing its favorable view on the company's growth outlook. Microsoft should see a growth acceleration in Azure and M365 Commercial Cloud with its AI infrastructure buildout "being the key underlying driver for acceleration in both businesses," the analyst tells investors in a research note. JPMorgan believes the combination of high revenue and earnings growth as well as lower capital needs than peers should justify a return to the historical premium for Microsoft shares relative to the broader market.

• EAT KeyBanc raised the firm's price target on Brinker to $275 from $204 and keeps an Overweight rating on the shares. In-line Chili's Q4 same-store sales, accelerating quarter-to-date comparable sales and FY27 guidance above consensus together drove Brinker meaningfully higher, even as shares climbed into the print. KeyBanc remains positive on the name, with greater conviction in sustainable mid-single-digit same-store sales going forward.

• CSCO Morgan Stanley raised the firm's price target on Cisco to $135 from $130 and keeps an Overweight rating on the shares. Faster hardware mix is expanding gross margin pressure into FY27, but Cisco is seeing broad-based strength across core enterprise and hyperscaler AI, with improving share momentum as the company faces fewer supply-chain challenges, the analyst tells investors in a post-earnings note.
• EAT Morgan Stanley analyst Brian Harbour raised the firm's price target on Brinker to $250 from $207 and keeps an Overweight rating on the shares. The quarter was "about in line on most metrics," but July was said to have significantly accelerated with the new chicken sandwich "working" and constructive news is "still to come" at the investor day in September, the analyst tells investors.
• GO Morgan Stanley analyst Simeon Gutman raised the firm's price target on Grocery Outlet to $11 from $7 and keeps an Equal Weight rating on the shares. Sequential improvement across several key performance indicators suggests Grocery Outlet is moving past about three years of comp deceleration, though execution risk tempers the upside, the analyst tells investors.
• SE Morgan Stanley raised the firm's price target on Sea Limited to $153 from $130 and keeps an Overweight rating on the shares. The e-commerce beat and guidance raise was "admittedly small, but the signal was meaningful in terms of what it implies about visibility for EC margins ramp up," the analyst tells investors. The firm raised its 2026-28 revenue forecasts 4%-7%, driven by higher take rates in Shopee and sustained momentum in loan book expansion for Monee, the analyst added.

• COHR Needham raised the firm's price target on Coherent to $420 from $380 and keeps a Buy rating on the shares. The company's Q4 results were well ahead of consensus as data center segment sales accelerated to 24% sequentially as laser supply from its 6-inch fab flowed through to volume transceiver shipments, the analyst tells investors in a research note. Needham adds that Coherent is seeing improving execution amidst high demand and even higher investor expectations, and also continues to see the stock as a major AI infrastructure beneficiary.

• ESTC Oppenheimer raised the firm's price target on Elastic to $100 from $75 and keeps an Outperform rating on the shares. The firm expects solid Q1 results supported by strong security engagement and emerging AI search opportunities. Considering current valuation and relatively low investor expectations, Oppenheimer sees a positive setup for the shares, even in an environment where peers are growing faster.

• SLGN RBC Capital last night upgraded Silgan Holdings to Outperform from Sector Perform with a price target of $58, up from $51. The firm believes the company's dispensing and specialty closures unit, which represents 50% of EBIT, is beginning to inflect positively. In addition, Silgan's fragrance and beauty unit should be up high-single-digits on share gains and robust new product commercialization through 2027, the analyst tells investors in a research note. RBC thinks Silgan has improved its execution, posting beats the last three quarters in a row.
• JMIA RBC Capital analyst Brad Erickson lowered the firm's price target on Jumia Technologies to $13 from $15 and keeps an Outperform rating on the shares. The company put up a good Q2 against a low bar amidst several headwinds out of its control, and while its Pan-African exposure warrants a generally higher probability of these being a somewhat regular occurrence, Jumia is showing an ability to roll with the punches and still be tacking towards its ultimate goal of breakeven EBITDA and free cash flow positive by the end of the year, the analyst tells investors in a research note.

• OPRX Stifel lowered the firm's price target on OptimizeRx to $12 from $14 and keeps a Buy rating on the shares. The firm is "optimistic" an enhanced product offering combined with more favorable macro dynamics and comparisons will lead to low-double digit growth in 2027, the analyst tells investors.

• XYL UBS raised the firm's price target on Xylem to $138 from $135 and keeps a Neutral rating on the shares. Xylem's $1.46B acquisition of Cornell Pump and Roper Pump is constructive, increasing exposure to faster-growing industrial markets, and leaving the company with enough deleveraging capacity for further buybacks or M&A, the analyst tells investors in a research note.
• JACK UBS raised the firm's price target on Jack in the Box to $20 from $14 and keeps a Neutral rating on the shares. The Q3 results reflected weaker-than-expected same-store sales and lower FY26 profitability guidance, with management focused on executing "Jack on Track" priorities to improve sales, restaurant experience, operating efficiency, and franchisee economics, the analyst tells investors in a research note.
• EAT UBS analyst Dennis Geiger raised the firm's price target on Brinker to $285 from $260 and keeps a Buy rating on the shares. Chili's continued outperformance supports the potential for mid-single digit same-store sales and double-digit EPS growth in FY27, with further upside if momentum persists and additional clarity on the long-term growth algorithm expected at the September 17 Investor Day, the analyst tells investors in a research note.
• KTB UBS raised the firm's price target on Kontoor Brands to $136 from $131 and keeps a Buy rating on the shares. Kontoor's two strong brands offer significant long-term growth potential, with the Lee divestiture expected to support improved sales growth, margin expansion, and greater shareholder returns, which the market appears to undervalue, the analyst tells investors in a research note.

• CSCO Wells Fargo analyst Aaron Rakers raised the firm's price target on Cisco to $150 from $130 and keeps an Overweight rating on the shares. The firm says strong Q4 results and FY27 guide should provide confidence in Networking super-cycle, the company's Silicon One plus Acacia momentum, and supply-chain execution. Wells sees continued top / bottom-line upside through FY27.
• LQDA Wells Fargo raised the firm's price target on Liquidia to $108 from $62 and keeps an Overweight rating on the shares. Although somewhat expected, the firm is impressed by the adoption ramp of Yutrepia and the rate of market share gains implied by the update. Valuation has Wells looking closer at L606, which looks competitive with treprostinil palmitil inhalation powder on pharmacokinetics.
• EAT Wells Fargo analyst Zachary Fadem raised the firm's price target on Brinker to $275 from $204 and keeps an Overweight rating on the shares. In-line Chili's Q4 same-store sales, accelerating quarter-to-date comparable sales and FY27 guidance above consensus together drove Brinker meaningfully higher, even as shares climbed into the print. KeyBanc remains positive on the name, with greater conviction in sustainable mid-single-digit same-store sales going forward.
• GO Wells Fargo raised the firm's price target on Grocery Outlet to $11 from $9 and keeps an Equal Weight rating on the shares. The firm says the company put together its second straight encouraging quarter following a tough stretch littered with execution issues. Wells still sees much to improve upon against a difficult grocery backdrop, but notes progress.

• BIIB Wolfe Research upgraded Biogen to Outperform from Peer Perform with a $300 price target. The readouts for both litifilimab and felzartamab are "relative de-risked" and underappreciated at current share levels, the analyst tells investors in a research note. Wolfe believes a re-rating for Biogen shares ahead of the late 2026 and 2027 data catalysts is likely. The company has "multiple shots on goal in the clinic" with its late-stage pipeline, contends the firm.
• SYK Wolfe Research analyst Mike Polark downgraded Stryker to Peer Perform from Outperform without a price target. The company continues see disruption from the cyber breach in 2026, which creates a higher-than-normal burden on second half of the year estimates, the analyst tells investors in a research note. Wolfe sees a balanced risk/reward at current share levels with a negative skew to estimates for the remainder of the year. Stryker's implied guidance for 2026 requires 54% of the full-year revenue to be delivered in the second half, the firm points out.
• ABT Wolfe Research upgraded Abbott to Outperform from Peer Perform with a $130 price target. The firm sees the company's organic growth ramping in 2027. Consensus estimates already reflect "lots or risks," which creates potential for a re-rating of the shares, the analyst tells investors in a research note. Wolfe says Abbott is playing "offense" in electrophysiology and its Volt PFA catheter has "referenced better of late." The company's revenue should pick up "notably" as Volt moves to full U.S. launch this quarter, adds the firm.

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

• Earnings After the Close: AAON ACHR ACM ACVA ALC ALMR ALTI APEI ASTS BBIO BKD BKKT BODI BW BZH CATX CCAP CNNE CODI DH DSP EVC GAIA GETY GPRO GUTS HIMS HNRG HPK HROW IHRT JBR JRVR MG NGS NHI NUS PANL PFLT PLBY PLUG QMCO QUBT RKLB RPAY RPD RUM SPG SRFM SVM TCMD TELA UPWK VREX WBTN

• Keybanc Technology Leadership Forum, 8/9-8/11, in Park City
• Needham 11th Annual MedTech & Diagnostics 1x1 Conference 8/10-8/11 (virtual)
• Stifel Biotech Summer Summit, 8/10-8/12, in Newport, RI
• TD Cowen 12th Annual Communications Infrastructure Summit, 8/10-8/11, in Boulder, CO

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Existing Home Sales for July
• 1:00 PM ET US Treasury to sell $58N in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close:  AGRO AQST ATRO BGS BORR BRCB CAVA CDXS CINT CRWV DDI DNN EROC EVLV FLY FNV GRWG HRB HYLN IMOS LITE MLYS NCMI NN OWLT PXLW QNT QUIK SINT SMCI STXS TSHA WPRT WRAP

• DA Davidson 2026 Smallcap Conference, 8/10-8/11 (virtual)
• DA Davidson 16th Annual Western Bank Summit, 8/11-8/12 (virtual)
• Keybanc Technology Leadership Forum, 8/9-8/11, in Park City
• Needham 11th Annual MedTech & Diagnostics 1x1 Conference 8/10-8/11 (virtual)
• Oppenheimer 29th Annual Technology, Internet & Communications Conference, 8/11-8/13
• Stifel Biotech Summer Summit, 8/10-8/12, in Newport, RI
• TD Cowen 12th Annual Communications Infrastructure Summit, 8/10-8/11, in Boulder, CO

• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for July
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for July
• 8:30 AM ET CPI Core – Ex: Food & Energy M/M for July
• 8:30 AM ET CPI Core – Ex: Food & Energy Y/Y for July
• 10:30 AM ET                 Weekly EIA Inventory Data
• 11:00 AM ET                 Cleveland Fed CPI for July
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                    Federal budget for July

• Earnings After the Close: ALLO AOSL AVIR BSEM BTGO CAE CBRS CEPL COHR CRWS CSCO CURI DERM ENS ENVX EQPT FGI FOSL GO HLIT INFQ INO INVE ITG JACK KE KURA LFTO LVLU MCHX NNE NOA OPRX PAAS RNXT RRGB SCOR SKYH SPCE SPIR STAA STEM STN STUB TBBB USIO WHK

• DA Davidson 16th Annual Western Bank Summit, 8/11-8/12 (virtual)
• Oppenheimer 29th Annual Technology, Internet & Communications Conference, 8/11-8/13
• Stifel Biotech Summer Summit, 8/10-8/12, in Newport, RI

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for July
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for July
• 8:30 AM ET PPI Core – Ex: Food & Energy M/M for July
• 8:30 AM ET PPI Core – Ex: Food & Energy Y/Y for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: AEYE AMAT API ARX AVX BEAT CBUS CODX DEFI DLO DMRC ETON FIGR FTLF GEMI GLOB GWH HAWK HIT HTFL IDN JCAP KLC LSF MDXH BKTR PED PETS REKR SPRY VERI VUZI WKHS XOS YSS

• 8:30 AM ET                   Retail Sales Ex: Autos M/m for July
• 10:00 AM ET                 Business Inventories M/M for June
• 10:00 AM ET                 University of Michigan Confidence Aug-prelim
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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