Early Look

Wednesday, August 5, 2026

After back to back “rip fests” for U.S. markets on Monday and Tuesday, US futures are looking higher once again as the rebound in technology has fueled major averages back to all-time highs. It was another day, another record for the S&P 500 on Tuesday (its first since early June but 25^th of 2026) and the Dow Jones Industrial Average (23^rd record close this year), kicking the new week/month off to a great start as earnings continue to flood in with record breaking beats, oil prices tumble the last 2 days on positive developments with Iran and Treasury yields have pulled back from more than 1 year highs helping ease inflation fears for the time being. The Nasdaq composite led the advance on Tuesday with a +2.6% increase, bringing it less than 2% below its most recent record finish. The Nasdaq, which briefly fell 10% below its intraday record high last Wednesday, boasted its biggest four-day percentage gain since late April last year almost erasing that decline. Smallcaps also enjoying the rally as the Russell 2000 index ended at new record highs in a truly remarkable run the last few days. While the tech sector (XLK) rose +4.87% yesterday, Industrials (XLI) and Financials (XLF) posted record closing highs as strength remains broad based. The PHLX semiconductor index (SOX) added 6.55% while the S&P 500 software & services index rose 3.2%. The two highlight earnings last night, AMD and SPCX both are down sharply this morning, as AMD reported a beat and raise but guidance still disappointed some while SPCX shares slide -10% spooked by the company's $18.4 billion in capital expenditure in the second quarter alone, which compared with just $2.8 billion in the prior year (despite a 92% surge in quarterly revs). In Asian markets, The Nikkei Index surged 2,342 points or 3.66% to 66,300, the Shanghai Index gained 56 points to 3,878, and the Hang Seng Index rose 62 points to 25,915. In Europe, the German DAX is flat at 26,202, the FTSE 100 is up 17 points to 10,896. Another huge day for company earnings with memory in focus with SNDK, WDC results due. Key jobs data on tap today with ADP payrolls and ahead of Friday’s nonfarm payroll report.

• The Dow Jones Industrial Average rose 907.47 points, or 1.71%, to 54,085.88
• The Nasdaq Composite surged 671.10 points, or 2.59%, to 26,584.99
• The Russell 2000 Index advanced 55.16 points, or 1.85% to 3,037.07

• 8:15 AM ET ADP Private Payrolls for July…est. 70K (prior 98K)
• 9:45 AM ET S&P Global Composite PMI, July-final…prior 53.6
• 9:45 AM ET S&P Global Services PMI, July-final…prior 53.6
• 10:00 AM ET ISM Non-Manufacturing for July…est. 54.5 (prior 54)
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: ACA ACT AGL AKA ALB ALL ALNT ALTO AMPL APLE APP ARQT ARRY ASYS ATEN ATNI ATO AWR AXON BBD BBSI BKH BLBD BMBL BROS BYND CACI CAO CAPL CDE CENTA CF CGNX CHRD CHRS CHYM CLOV CMP COKE COOK CPA CPAY CRUS CW CEN CXT CXW DASH DAVE DGII DHT DHX DIOD DLX DOX DUOL EBAY EBS EE EHC ELF EOLS ERO ETSY EXEL EXPE EZPW FIG FLNC FNF FSLY FWRD GDRX GNK GNW GOOD GRAL GT GTM HBB HCC HHH HLF HMN HNST HRTG HST HUBS III IONQ JOBY KLIC KMPR KRO KVYO LAB LB LEU LZ MCK MELI MET MFC MGNI MIRM MKSI MNKD MSI MTDR MUR MUSA MWA MYO NTR NVST NWSA O OEC ORA OUT OXY PAYC POWI PR PRI PTLO QGEN RAMP RDN RELY RGLD RIG RUN RYN SBGI SBLK SEI SITM SM SMR SNDK SOLV SRPT STE SYM TASK TLN TPC TROX TRUP TS TTMI UGI UHAL VAL VRRM WDC WES WTS XYZ ZG ZIP ZVRA

• Bed Bath & Beyond (BBBY) Q2 EPS loss (-$0.53) vs. est. loss (-$0.26); Q2 revs $361.2M vs. est. $362.4M; 2Q adj EBITDA loss of $12M and 2Q operating loss of $42.9M; said now delivered two consecutive quarters of revenue growth following nineteen quarters in the other direction; said believes can remove more than $50M annualized cost over next 12 months as acquired businesses are brought onto one platform; files $200M mixed securities shelf.
• Booking Holdings (BKNG) Q2 adj EPS $2.54 vs. est. $2.43; Q2 revs rose 8% y/y to $7.35B vs. est. $7.11B; Q2 Gross bookings climbed 9% to $51 billion, compared to analyst estimates of $49.35B; expects Q3 revenue growth of 5% at the midpoint of its range vs. ests. for 7% growth prior to Booking's results.
• Match Inc. (MTCH) Q2 EPS $0.70 vs est $0.66; revenue $853.1Mm vs est $856.8Mm; adj EBITDA $331Mm vs est $327.4Mm; payers fell 6% YoY to 13.3Mm. Q3 revenue guidance $885-895Mm vs est $856.83Mm and adj EBITDA $330-335Mm vs est $327.36Mm, but Tinder user-experience tests and product changes are expected to reduce FY direct revenue by $30Mm-$40Mm; expects FY EBITDA at or above the high end of its prior range.
• Mattel Inc. (MAT) Q2 adj EPS $0.01 vs. est. $0.04; Q2 sales $1.13B vs. est. $1.1B; Q2 advertising and promotion expenses rose 11%; kept its annual forecasts unchanged and expects adjusted profit between $1.27 and $1.39 per share and net sales growth of 3% to 6%.
• Sysco (SYY), the biggest U.S. food distributor, has stopped buying iceberg lettuce from Taylor Farms and from Mexico due to the U.S. cyclosporiasis outbreak, CEO Kevin Hourican said on Tuesday - Reuters
• Wynn Resorts (WYNN) Q2 adj EPS $1.24 vs. est. $0.99; Q2 revs $1.86B vs. est. $1.83B; Q2 adj net income $127.5M vs. est. $122.8M; Q2 Adjusted Property EBITDAR was $568.3M, an increase of $15.9M.

• Devon Energy (DVN) Q2 core EPS $1.57 vs. est. $1.41; Q2 revs $7.42B vs. est. $6.25B; for Q2 delivered 503,000 barrels of oil per day at the top end of guidance, delivered capital expenditures 2% below expectations and generated $1.7 billion of adjusted free cash flow; says FY26 guidance remains unchanged; expects Q3 production between 1,660,000 and 1,690,000 Boe per day and oil production between 550,000 and 560,000 barrels per day.
• International Fragrances (IFF) Q2 adj EPS $0.82 vs est $1.12; sales $1.95B vs est $2.69B; adj EBITDA $408Mm vs est $529.5Mm; FY26 sales guide $7.4B-$7.6B vs est $10.739B and adj EBITDA guide $1.53B-$1.60B vs est $2.107B; guide reflects continuing operations following the Food Ingredients divestiture.
• Mosaic Co (MOS) Q2 adj EPS $0.13 vs est $0.11; revenue $2.80B vs est $3.12B; adj EBITDA $407Mm vs est $395.82Mm; FY26 CAPEX outlook is $1.20B and 2026 potash production outlook is 9.0Mm tonnes; Q3 phosphate sales are guided to 1.1Mm-1.4Mm tonnes, while Mosaic Fertilizantes adj EBITDA is expected below Q2 amid sulfur availability and affordability headwinds.

• Compass Inc. (COMP) Q2 EPS $0.11 vs est $0.17 on revenue $4.31B vs est $4.09B, +14.3% YoY; operating Income $124Mm vs est $171.94Mm; Q3 revenue guide $3.85B-$4.05B vs est $3.747B; Compass expects FY26 free cash flow to be positive and raised its 2026 net cost-synergy target to $220Mm and year-one target to $330Mm, extending the integration-led cost program following the Anywhere acquisition.
• Opendoor Technologies (OPEN) Q2 EPS loss (-$0.03) vs. est. loss (-$0.07) and revs fell -44% y/y to $883M missing est. $905.9M; said generated over 6,900 acquisition contracts in Q2 2026 on $5M of marketing spend; Q2 Non-GAAP adjusted EBITDA was a loss of $4M, swinging from a profit; sees Q3 revs growing at least 20% y/y.
• Prudential Inc. (PRU) Q2 adj EPS $4.08 vs. est. $3.53 and revs $14.15B vs. est. $14.38B; Q2 global investment-management business, reported assets under management rising 4% to $1.49 trillion; Q2 US businesses reported adjusted operating income of $957M, roughly flat y/y; Q2 adj net income up to $855M from $761M in int’l.
• Toast Inc. (TOST) Q2 EPS $0.26 vs est $0.20; revenue $1.91B vs est $1.87B; adj EBITDA $221Mm vs est $194.3Mm, above the prior Q2 guide of $185Mm–$195Mm; ARR reached $2.40B. FY26 adj EBITDA guidance increased to $805Mm-$825Mm from $790Mm-$810Mm vs est $810.31Mm.
• Upstart Holdings (UPST) Q2 EPS $0.16 vs est $0.53; revenue $364.7Mm vs est $352.3Mm; fees revenue $348.0Mm; adj EBITDA $76.9Mm; FY26 revenue guidance remains approximately $1.40B, below consensus of $1.424B; prior FY guide calls for approximately $1.30B of fees revenue and $294Mm of adj EBITDA assuming a stable environment.
• Voya Financial (VOYA) Q2 adj EPS $1.51 vs est $1.98 on revenue $1.90B vs est $1.92B; adj operating earnings $140Mm.

• Arrowhead (ARWR) Q3 EPS ($1.36) vs est ($1.32); revenue $75.3Mm vs est $54.3Mm; the larger-than-expected loss reflects a high R&D-driven operating cost base.
• DaVita Inc. (DVA) Q2 adj EPS $4.02 vs est $3.88; revenue $3.55B vs est $3.50B; operating Income $579Mm vs est $577.42Mm; free cash flow $256Mm. FY26 adj EPS outlook remains $14.10-$15.20 vs est $14.82; DaVita also added a $500Mm Tranche B-2 term loan due 2031, using proceeds to repay part of its revolver.
• Gilead Sciences (GILD) Q2 adj EPS loss (-$6.75) vs. est. loss (-$7.24); Q2 product sales rose 8% y/y, led by HIV and oncology drugs; sees 2026 product sales of $30.1B-$30.4B, up from prior $30B-$30.4B and sees 2026 product sales excluding Veklury of $29.8B-$30.1B, up from prior $29.4B-$29.8B and lowers 2026 Veklury sales forecast to ~$300M from prior ~$600M; GAAP loss driven by $9.08/share in IPR&D and tax expenses from acquisitions.
• Hinge Health (HNGE) Q2 EPS $0.52 vs est $0.38; revenue $212.8Mm vs est $201.5Mm; operating Income $40.4Mm. Q3 revenue guide $223Mm–$225Mm vs est $211.5Mm and FY26 revenue outlook $858Mm vs est $822.2Mm, FY26 adj operating Income guidance of $236Mm–$244Mm vs est $222.18Mm; Hinge also agreed to acquire Cylinder Health, expanding into virtual gastrointestinal Care.
• Humana (HUM) was upgraded to Equal Weight from Underweight at Morgan Stanley and raise tgt to $370 from $249 citing improving visibility into Medicare Advantage cost trends for the upgrade.

• Emerson Electric (EMR) Q2 adj EPS $1.71 vs. est $1.68; Q2 revenue $4.55B vs. est. $4.8B; sees 4Q adj EPS of $1.85 above estimates of $1.83 and Q4 adj sales growth of 5%; sees FY26 adjusted EPS $6.55, consensus $6.50 and sees FY outlook for adj sales growth of 3.5%.
• GXO Logistics (GXO) Q2 adj EPS $0.59 vs est $0.58 on revenue $3.40B vs est $3.46B; adj EBITDA $219Mm vs est $213.4Mm; FY26 adj EPS guide narrowed from $2.90-$3.20 to $2.95-$3.15 vs est $3.06.
• Jacobs (J) Q3 adj EPS $1.84 vs. est. $1.83; Q3 revs $4.1B vs. est. $3.55B; Narrows FY2026 Adj EPS guidance from $7.10-$7.35 to $7.20-$7.30 vs $7.23 est and sales guidance from $9.391B-$9.608B to $9.521B-$9.565B; expects FY26 adjusted EBITDA margin of 14.7%-14.8% and adjusted FCF margin around 8%.
• Kratos Defense & Security (KTOS) Q2 adj EPS $0.21 vs est $0.14; revenue $458.8Mm vs est $410.4Mm; adj EBITDA $38.2Mm vs est $34.7Mm; FY revs guide $1.75-1.81B vs est $1.742B.
• Primoris Services (PRIM) Q2 adj EPS ($0.27) vs est ($0.25); revenue $1.69B vs est $1.74B; adj EBITDA $11.4Mm vs est $28Mm. FY26 adj EPS guide $2.05-$2.60 vs est $2.43 and adj EBITDA guide $275Mm-$325Mm vs est $312.36Mm.
• ViaSat Inc. (VSAT) Q1 adj EPS $0.17 vs est ($0.30); revenue $1.16B vs est $1.20B.

• Artista Networks (ANET) Q2 adj EPS $1.02 vs est $0.89; revenue $3.04B vs est $2.83B; adj operating margin 49.9%; Q3 revenue guide $3.30B vs est $2.95B, adj EPS $1.06–$1.08 vs est $0.91, and adj operating margin 48%–49%.
• Astera Labs (ALAB) Q2 EPS $0.80 vs. est. $0.69; Q2 revs $392.4M vs. est. $360.8M up 27% q/q and more than doubled y/y; Q2 net income rose to $153.1M on margins 73.3%; said expects Scorpio fabric switches to become the largest product family in Q3 on the Scorpio X-Series 320-lane production ramp; guides Q3 revs $540M-$560M vs. est. $417M and EPS $1.16-$1.21 vs. est. $0.81.
• Coupang (CPNG) Q2 adj EPS $0.09 vs est $0.07; revenue $8.90B vs est $8.96B; gross margin 28.2%; adj EBITDA $163Mm vs est $134.7Mm.
• Digital Turbine (APPS) Q1 adj EPS $0.19 vs est $0.14; revenue $166.0Mm vs est $150.0Mm, +27% YoY; adj EBITDA $42.5Mm vs est $32.7Mm, +69% YoY; FY27 revenue guide raised from $630Mm-$650Mm to $650Mm-$670Mm vs est $642.2Mm and adj EBITDA guide to $145Mm-$155Mm vs est $143.57Mm.
• Lattice Semiconductor (LSCC) Q2 adj EPS $0.53 vs est $0.44; revenue $201.1Mm vs est $185.5Mm, +62% YoY; adj gross margin 71.7%. Q3 revenue guide $210Mm–$230Mm vs est $197Mm and adj EPS guide $0.54–$0.58 vs est $0.47, supported by demand for Lattice’s low-power FPGAs in Ai servers and data-center infrastructure.
• Lumen Technologies (LUMN) Q2 EPS loss (-$0.07) vs. est. loss (-$0.14); Q2 revs fell -9.3% y/y to $2.81B vs. est. $2.74B; Q2 adj Ebitda fell -8.6% to $802M; Q2 adj EBITDA margin excluding special items edged up 0.2 percentage points to 28.6%; Total business revenue totaled $2.44B, down 1.8% y/y.
• Paramount Skydance (PSKY) Q2 EPS $0.04 vs. est. $0.17; Q2 revs rose 1% y/y to $6.91B vs. est. $6.87B; Q2 streaming business reached nearly $2.5B in revenue, up 9% y/y; Paramount+ service add 2 million new subscribers, bringing the total to 81.6M; sees FY26 revenue $30B, vs est. $29.84B and adj EBITDA $3.8B-$3.9B.
• Paylocity (PCTY) Q4 adj EPS $1.84 vs est $1.61; revenue $444.7Mm vs est $430.9Mm; adj EBITDA $145.5Mm vs est $131.6Mm. Q1 FY27 revenue guide $439.5Mm-$444.5Mm vs est $438.5Mm and adj EBITDA guide $152Mm-$156Mm vs est $150.2Mm; FY27 adj EBITDA guide $690Mm-$700Mm vs est $688.9Mm reflecting continued Payroll and HCM platform growth despite a moderation in top-line growth expectations.
• Pinterest (PINS) Q2 adj EPS $0.43 vs est $0.36; revenue $1.18B vs est $1.15B, +18% YoY; global MAUs 640Mm vs est 635Mm; adj EBITDA $311.3Mm vs est $269.4Mm. Q3 revenue guide $1.19B–$1.21B vs est $1.199B and FY26 adj EBITDA-margin outlook rises to about 30%.
• Qualys (QLYS) Q2 adj EPS $1.98 vs est $1.78; revenue $182.2Mm vs est $178.6Mm; adj EBITDA $83.8Mm vs est $78.4Mm; adj gross margin 85%; raised its FY26 revenue guide to $732Mm-$738Mm vs est $724.51Mm and adj EPS guide to $7.74-$7.88 vs est $7.57.
• Samsung Electronics (SSNLF) unveiled its latest AI memory portfolio and technology roadmap which includes a preview of its zHBM and zNAND-O concept models, the introduction of its V10 BV-NAND with 400-plus layers - an architecture enabled by a new wafer bonding technology.
• Zeta Global (ZETA) Q2 EPS $0.03 vs est $0.20; revenue $442.8Mm vs est $420.6Mm, +44% YoY; adj EBITDA $92Mm with 20.7% margin vs est $86.44Mm; free cash flow $58Mm. Q3 revenue guide $469Mm-$472Mm vs est $461Mm and adj EBITDA guide $115Mm-$116Mm vs est $112.53MM; FY26 revenue guide raised from $1.779B-$1.792B to $1.811B-$1.824B vs est $1.787B.
• HP (HPQ), Asus, and Acer (ACEYY) have started using small amounts of DRAM chips from CXMT in their laptops for non-U.S. markets, amid an unprecedented memory shortage, Nikkei reported

Mid-Morning Look

Wednesday, August 05, 2026

The upside momentum continues as broader averages are higher for a 5^th straight day with the Dow Jones Industrial Average extending record gains after closing above 54,000 for the first time ever on Tuesday (was 23^rd record high of year) and the S&P 500 also posted a record high (its 26^th of the year). The rally was led by the tech sector as the QQQ’s jumped 9% in the last 4 days while @bespokeinvest noted on X, "The Nasdaq just rallied 1%+ for four consecutive days. Just the 18th time that has happened in the index's history back to the early 1970s." A truly impressive rally over the last few days after it appeared investors left technology (XLK, SOX, QQQ) for dead with losses in July. Oil prices have slumped in recent days along with treasury yields, helping give precious metals (gold, silver) notable bounces today. Big winners overnight/this morning on earnings include AMGN, BKNG, BWA, DIS, LLY, QLYS, SHOP and WYNN while standout decliners post results are AMD, FLUT, PODD, SPCX and UBER. Oil prices remain weak despite reports Houthi military spokesperson claimed a ballistic missile strike on the Saudi oil tanker 'Wafaa' in the Red Sea, stating it was a "precise hit." Russell 2000 hitting new all-time highs as well with Smallcaps also participating, though defensive sectors lag (utilities, REITs, staples).

• S&P July services PMI at 54.6 vs 51.2 prior and S&P July composite PMI at 54.5 vs 51.9 prior.

• Retailers: BBBY shares tumbled after posted miss with Q2 EPS loss (-$0.53) vs. est. loss (-$0.26); Q2 revs $361.2M vs. est. $362.4M; Q2 adj EBITDA loss of $12M and Q2 operating loss of $42.9M; files for mixed shelf of up to $200M. BURL was downgraded to Neutral on more balanced risk/reward at Citigroup saying shares are within 5% of their target price and risk/reward no longer skews to the upside/Sentiment has become more positive recently, as many see the potential for upside in Q3. CPRI Q1 revs fell -3.5% y/y to $769M topping ests $753M but cuts FY rev forecast to about $3.4B from about $3.53B expected earlier, saying inventory delays are expected to hit revenue at its key Michael Kors brand in Q2. BBY was cut to Hold from Buy at Jefferies saying shares are pricing in a solidly positive comp for Q2, and the magnitude of Best Buy's earnings outperformance thereafter may disappoint.
• Metals & Mining: after a few weeks of consistent pressure on higher oil, rising Treasury yields/dollar and rate hike expectations, gold and silver prices got a bounce today and lifted precious metal miners (NEM, AEM, AG, B, WPM, PAAS, CDE); HL shares rallied with broader miners despite Q2 revs fall -19% q/q to $333.85M on lower metal prices while Q2 adj Ebitda fell -25% sequentially;  in industrial metals, VALE was downgraded to Neutral from Buy at Bank America.
• Mortgage Services: COMP beat Q2 consensus on revs $4.31B vs. $4.09B and guided Q3 ahead ($3.85B-$4.05B vs est $3.747), despite signs that overall housing market weakened quarter-to-date; OPEN Q2 EPS loss (-$0.03) more than est. loss (-$0.07) and revs fell -44% Y/y to $883M missing est. $905.9M; Q2 Non-GAAP adjusted EBITDA was a loss of $4M, swinging from a profit; sees Q3 revs growing at least 20% Y/y.

• ANET +3%; as 2Q revenue grew 38% vs. Street at 28%, with 43% growth seen in 3Q/4Q as AI, Campus and core demand broaden; FY26 growth guidance rises to 40% from 28%.
• APPS +48%; after the company beat FQ1 revenue and earnings expectations and issued stronger-than-expected full-year guidance. Revenue jumped 27% Y/Y to $166M, fueled by a 56% surge in its App Growth Platform segment, driven by strength in its demand-side brand business and the DT Exchange/guided FY2027 revenue in the range of $650M-$670M, which is above consensus
• BKNG +6%; rallied behind results as Gross Bookings/Revenue/Adj. EBITDA were 3%/2%/3% ahead of consensus. 3Q26E guidance, however, was below expectations again, with management trimming 2026E Gross Bookings guide to HSD growth on Iran impact/Q2 room nights grew +5% Y/y to 325M, beating the high end of guidance by 1% and gross bookings of $51.0B grew +9% Y/y.
• BWA +8%; topped analysts' estimates for Q2 profit and sales, as benefited from steady demand for powertrain systems and turbochargers; said that it planned to increase its annual R&D spend to help with its lineup catered to data centers; reported Q2 $1.42/$3.65B vs. est. $1.28/$3.56B.
• KTOS +10%; reported 2Q EPS of $0.21 vs. Street's $0.14 as revenue of $459M was above the Street's $410M, driven by strength in defense rocket systems; turbine technologies; Valkyrie-related activity; microwave products; and space, training, and cyber (shares were upgraded to Overweight at Piper).
• LLY +4%; raises FY revs view to $85.0B-$87.0B, from prior $82.0B-$85.0B after Q2 revs $22.97B topped consensus est. $20.59B as Zepbound revs $4.93B (est $4.64B) and Mounjaro revs $9.9B (est $8.83B); said is committed additional $4.5B to expand manufacturing sites. Revenue surged 48% YoY as Mounjaro and Zepbound drove strong volume growth, prompting the company to raise its full-year outlook.
• QLYS +16%; posted one of its strongest quarters in recent history as revenue growth accelerated a point to +11% Y/y and ST Billings growth accelerated into the mid- teens range for the first time in 2+ years, driven by strength in ETM and Patch Management and 2026 revenue guide was raised
• SHOP +19%; shares jumped after Q2 beat/raise, with GMV (=32% to $115.57B), revenue (+34% to $3.58B), margins and FCF all coming in well ahead of expectations, while Q3 rev growth guidance of low 30% vs. ~27% consensus.
• UPST +9%; after reported an all-time high contribution profit of $193M and adj EBITDA of $76.9M (21% margin)/strong Q2 on the origination front, with total originations up 23% QoQ, core personal loans were up 27%, while Home and Auto reached ~14% of total origination volume.
• WYNN +11%; as reported a beat driven by mass hold in Macau, while Las Vegas was in-line with low expectations and announces its Wynn Al Marjan Island resort, UAE's first with a casino, expected to open in Sep. 2027.

• AMT -6%; along with CCI, SBAC as indicated by SpaceX's ambitious plans for its satellite constellation and direct-to-device technology. Rather than relying solely on traditional 5G cellular towers, this phone carrier would use low Earth orbit (LEO) satellites as cell towers.
• BBBY -19%; posted miss with Q2 EPS loss (-$0.53) vs. est. loss (-$0.26); Q2 revs $361.2M vs. est. $362.4M; Q2 adj EBITDA loss of $12M and Q2 operating loss of $42.9M; files for mixed shelf of up to $200M.
• FLUT -10%; Peter Jackson will step down as group CEO, which came alongside a lower than expected 45% fall in Q2 core earnings (EBITDA) to $508M, but topped est. $478M, though lowered its full-year adjusted EBITDA forecast for the fourth successive quarter to $2.65B from $2.87B in May.
• KHC -4%; shares fell as Q2 results topped consensus, but offered mixed guidance for the year as raises FY Adj EPS to $2.03-$2.09, from prior $1.98-$2.10, but weaker adj operating profit view of negative -16% to -18%, from -14% to -18%.
• PODD -18%; shares fell after lowering its 2026 revenue growth to be between 20%-22%, compared to its prior view in the 21%-23% range after posting a beat on the top and bottom line for Q2 with EPS $1.66 on revs $801.7M topping ests $1.45/$787.2M.
• PUK -15%; shares tumbled following a report that China is widening its tax enforcement efforts. The report suggests Chinese authorities are expanding the scope of tax scrutiny, raising concerns about potential impacts on companies with exposure to the market
• SPCX -10%; shares fell on higher spending concerns after posting $18.4B in capex in Q2, which compared with just $2.8B in the prior year, which offset a 92% surge in quarterly revs; revenue/EBITDA beats across the board as revs of $7.8B topped the Street's $6.8B; EBITDA of $3.5B also exceeded Street's $2.1B
• UBER -5%; posted mixed Q2 results while its sales and profit forecast missed estimates guiding Q3 EPS $0.84-$0.88 vs. est. $0.91 and Gross Bookings of $58.25B-$60.25B, representing growth of 18% to 22% y/y after Q2 gross bookings were $58B, up 24% y/y.

Closing Recap

Wednesday, August 05, 2026

US equity futures built on yesterday’s momentum with modest overnight gains, but the gains were soon mixed as sellers emerged to push the Nasdaq back into the red early.  A few very busy days of earnings haven’t shifted the season’s statistics meaningfully.  With 371 S&P names now having reported, we still are at an 87% beat percentage with an average beat now at 13%, same as last year.  Average year/year EPS growth of 23% continues to compare favorably with last year’s 10%, while median growth of 13% also beats last year’s 8%.  With these growth stats, perhaps it is not a shock the S&P 500’s forward 12 month estimated profit margin is at 16.8%, an all-time high, per @KevRGordon.  That margin is 2.8 points higher than last year and beats the prior peak yr/yr change of +2.7 points from July 2021.

In sentiment today, the Fear and Greed Index popped back up to Greed territory, registering 64/100 versus last week’s 34 (Fear) and last month’s 32 (Fear).  A year ago we were at 55 (Neutral).  By mid/late morning, large cap indices were mixed, though breadth was neutral as small caps underperformed with IWM (-0.24%) versus SPY (+0.20%) and QQQ (-0.23%).  SPY breadth favored decliners by 9:8, while QQQ breadth favored decliners by 11:7.  Sector performance was also fairly neutral with Materials (+1.34%), Health Care (+0.91%) and Consumer Discretionary (+0.70%) outperforming among S&P sector ETFs, while Real Estate (-0.93%), Utilities (-1.64%) and Energy (-1.80%) paced the underperformers with 5 sectors gaining versus 6 declining.

Following a month in which hedge funds cut gross leverage by about 15% of fund equity (second largest monthly drop in the past ten years, per @GlobalMktObserv), we’ve seen four straight days of over 1% gains in the Nasdaq (only the 18th time dating back to the early 1970’s per @bespokeinvest).  Today would not extend that streak.  The S&P held small gains through the day while the Nasdaq held a modest decline until the final minutes when markets ended on their lows.  We get another big batch of earnings tonight, so stay tuned.

• U.S. private payrolls growth slowed in July, with payrolls increasing 44,000, below economists' expectations for a 70,000 gain, the ADP national employment report showed on Wednesday.
• S&P July services PMI at 54.6 vs 51.2 prior and S&P July composite PMI at 54.5 vs 51.9 prior.

• WTI crude gained modestly overnight but was quick to reverse as headlines flowed.  News of a draft agreement for the Strait (still would need to be approved by Iran’s supreme leader), another headline indicating a 50/50 chance a deal on the Strait would be reached by Friday and commentary indicating Israel and several Gulf countries are holding talks to explore alternative solutions for moving oil and gas through routes that bypass the Strait of Hormuz and the Bab-el-Mandeb Strait all pressured crude back to a decline on the day.  September futures settled -$0.55/bbl, or -0.73%, at $62.29.

• Food Sector: KHC shares fell as Q2 results topped consensus, but offered mixed guidance for the year as raises FY Adj EPS to $2.03-$2.09, from prior $1.98-$2.10, but weaker adj operating profit view of negative -16% to -18%, from -14% to -18%. CMG gets a bounce after Minnesota department of health confirms no ongoing concerns with Chipotle; LMB shares fell after Q2 revs $173.46M misses est $177.25M and cut its  FY 2026 adjusted EBITDA forecast to $78M-$84M from $90M-$94M prior and said expects FY 2026 gross margin of 23%-24%, down from prior 26%-27% forecast. SHAK shares jumped on earnings and after activist investor Starboard has built a new stake in Shake Shack, a source familiar with the matter told Reuters
• Consumer products: ELF was upgraded from Market Perform to Outperform at Bernstein and raise tgt to $113 from $60) saying they believe E.L.F has the most relevant operating model for today's consumer -social Media fluency, rapid innovation cycles, and a viral-prone approach to new product development.

• Casinos & Gaming: WYNN reported a beat driven by mass hold in Macau, while Las Vegas was in-line with low expectations and announces its Wynn Al Marjan Island resort, UAE's first with a casino, expected to open in Sep. 2027; FLUT said the head of its international division Dan Taylor will succeed Peter Jackson, who will step down as group CEO after nine years at helm, which came alongside a lower than expected 45% fall in Q2 core earnings (EBITDA) to $508M, but topped est. $478M though lowered its full-year adjusted EBITDA forecast for the fourth successive quarter to $2.65B from $2.87B in May.
• Ride Hailing/delivery sector: UBER posted mixed Q2 results while its sales and profit forecast missed estimates guiding Q3 EPS $0.84-$0.88 vs. est. $0.91 and Gross Bookings of $58.25B-$60.25B, representing growth of 18% to 22% y/y after Q2 gross bookings were $58B, up 24% y/y.
• Leisure activity: CALY posted beats on the top and bottom lines on better GM and raised FY26 adj. EBITDA guidance by ~$31M at the midpoint, reflecting a $22M stronger Q2 vs the Q2 guide, a $3M of organic 2H raise, and $7M from a more favorable tariff rate vs expects post-122 expiry.
• Auto sector: auto supplier BWA topped analysts' estimates for Q2 profit and sales, as benefited from steady demand for powertrain systems and turbochargers; said that it planned to increase its annual R&D spend to help with its lineup catered to data centers; reported Q2 $1.42/$3.65B vs. est. $1.28/$3.56B. LCID reported a wider quarterly loss and unveiled an operational reset focused on improving cash flow and cutting costs. Lucid also announced a plan to generate $1.4B in cash flow improvements during 2026

• Solar & Utilities: SEDG shares tumbled following guidance as Q2 results beat on top and bottom line but guided Q3 revs $310M-$340M well below the consensus $367.4M weighing on the rest of the solar complex (ENPH, CSIQ, SHLS, RUN, FSLR); NI in utilities also saw weakness post earnings results as Q2 net income of $45.5M was down from $102.2M y/y saying material costs remain high, driven by tariffs, and high demand, alongside potential project delays, could hurt financial results.
• U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said in weekly data. Crude inventories rose by +2.5 million barrels to 407 million barrels in the week ended July 31, vs expectations for a -1.5 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.4 million barrels in the week. U.S. gasoline stocks fell by -1.6M barrels vs. est. -1.3M barrel draw and distillate stockpiles fell by -3.5M barrels, the EIA data showed.

• Payments sector: GPN Q2 adjusted revenue rose 34% y/y to $3.16B, slightly missing analyst expectations of $3.17B while adj EPS for Q2 rose 12% and beat analyst expectations; cuts FY26 adjusted EPS view to $13.60-$13.80 from $13.80-$14 (est. $13.79) and cuts FY26 normalized constant currency adjusted net revenue growth to 4%-5% from approximately 5%. FIS downgraded to Neutral at UBS alongside the reduction in FY 2026 revenue and profitability guidance and a number of considerations for FY 2027.
• In Insurance sector: PUK shares tumbled following a report that China is widening its tax enforcement efforts. The report suggests Chinese authorities are expanding the scope of tax scrutiny, raising concerns about potential impacts on companies with exposure to the market.
• Mortgage Services: COMP beat Q2 consensus on revs $4.31B vs. $4.09B and guided Q3 ahead ($3.85B-$4.05B vs est $3.747), despite signs that overall housing market weakened quarter-to-date; OPEN Q2 EPS loss (-$0.03) more than est. loss (-$0.07) and revs fell -44% Y/y to $883M missing est. $905.9M; Q2 Non-GAAP adjusted EBITDA was a loss of $4M, swinging from a profit; sees Q3 revs growing at least 20% Y/y.

• AMGN reported 2Q diluted non-GAAP EPS of $6.29 on revenue of $10.1B, compared to Street estimates of $5.62 and $9.4B, respectively. Management is now guiding to 2026 total revenue of $38.2B-$39.4B (up from $37.1B-$38.5B), implying annual growth of ~6% at the midpoint.
• BMY shares slipped after Reuters reported this morning that there are "no discussions" ongoing between AZN and Bristol Myers Squibb over a potential deal, citing a senior source close to the matter. Reuters said there never was a deal to be done, and there are no discussions between the companies.
• GILD reported strong Q2 product revenues of $7.6B, ahead of estimates driven by strong performance across the board; management reiterated FY26 Yeztugo guide of C$1B, highlighting strong demand and reported persistence rates >70%.
• TYRA shares sunk as Q2 loss widened on higher R&D expense; said may sell up to $250M of common stock and announced that the update from the Phase II SURF-302 clinical readout with dabogratinib in FGFR3-altered intermediate-risk non-muscle invasive bladder cancer is pushed to September from August

• Healthcare Technology: HNGE reported a top- and bottom-line beat (above the guidance it provided at Investor/Movement Day in early June, and full year guidance was also raised to reflect ~46% growth at 28% margins at the midpoints.
• Ortho sector: ZBH Q2 revs $2.18B topped the $2.13B estimate on better EPS while guides annual profit per share between $8.47-$8.59, above previous expectation of $8.40-$8.55.
• Insulin sector: PODD shares fell after lowering its 2026 revenue growth to be between 20%-22%, compared to its prior view in the 21%-23% range after posting a beat on the top and bottom line for Q2 with EPS $1.66 on revs $801.7M topping ests $1.45/$787.2M.
• MedTech sector: LMAT shares tumbled after Q2 results missed and guided year EPS and revs below consensus; was downgraded to MP from OP at Barrington saying the Q2 miss versus the company's own financial guidance will result in "significant" short-term share price weakness, especially given the premium valuation LeMaitre has carried over the past year.

• Transport sector: EXPD was upgraded to Neutral from Underweight at JP Morgan (tgt to $200 from $144) after the company reported another earnings beat, its eighth out of the last nine quarters, and believes Expeditors' momentum should be further supported by an unprecedented restructuring effort.
• Metals & Mining: after a few weeks of consistent pressure on higher oil, rising Treasury yields/dollar and rate hike expectations, gold and silver prices got a bounce today and lifted precious metal miners (NEM, AEM, AG, B, WPM, PAAS, CDE); HL shares rallied with broader miners despite Q2 revs fall -19% q/q to $333.85M on lower metal prices while Q2 adj Ebitda fell -25% sequentially;  in industrial metals, VALE was downgraded to Neutral from Buy at Bank America.
• Chemicals: CE delivered a mixed Q2 with strong AC margins benefiting from supply chain disruptions and EM growth supported by pricing and mix, but softer Q3 EPS guidance reflects normalization and footprint costs as temporary tailwinds fade; MOS reported a Q2 revenue decline, lower CAPEX outlook

• KTOS reported 2Q EPS of $0.21 vs. Street's $0.14 as revenue of $459M was above the Street's $410M, driven by strength in defense rocket systems; turbine technologies; Valkyrie-related activity; microwave products; and space, training, and cyber (shares were upgraded to Overweight at Piper post results saying the relationship between valuation and forward estimates is far more right sized).
• VSAT posted a Q2 revenue miss despite an EPS beat, as communications and defense trends disappointed and FY growth guidance underwhelmed.
• VVX secured an $87 million firm-fixed-price IDIQ contract to support SUU-79 pylons for the U.S. Navy's F/A-18 Super Hornet and EA-18G Growler aircraft.

• Telecom stocks under pressure early (T, VZ, TMUS) after SpaceX said it plans to build a full Mobile network, aiming to compete with Verizon, AT&T and T-Mobile. Using spectrum acquired from EchoStar, SpaceX plans to combine Starlink's Satellite network with terrestrial infrastructure to create a nationwide Mobile service. The announcement overshadowed strong Q2 results, while SpaceX shares fell over 10% after earnings amid concerns over heavy capital spending." Tower stocks (AMT, CCI, SBAC) also weaker as indicated by SpaceX's ambitious plans for its satellite constellation and direct-to-device technology. Rather than relying solely on traditional 5G cellular towers, this phone carrier would use low Earth orbit (LEO) satellites as cell towers.
• AI/Data Center/neocloud sector: GOOGL shares tumbled late morning after the WSJ reported chief scientist Jeff Dean is leaving Google to launch Discovery Loop, an AI startup focused on automating scientific research; WULF Q2 revs of $44.8M was below the $46.4M estimate noting HPC lease revenue comprised 71% of total Q2 revenue and the company signed 20-year Anthropic lease worth up to $33B and agreed to sell Abernathy JV stake for ~$530M; CRWV signed a multi-year agreement with SKHY subsidiary Solidigm for priority access to enterprise SSD capacity, helping secure storage supply as AI cloud demand scales. BTDR was upgraded to Overweight at Cantor after the co announced it has signed a 16-year Ai/HPC colocation and services agreement covering 121 IT MW at its Tydal, Norway campus.
• Internet sector: SHOP shares jumped after Q2 beat/raise, with GMV (=32% to $115.57B), revenue (+34% to $3.58B), margins and FCF all coming in well ahead of expectations, while Q3 rev growth guidance of low 30% vs. ~27% consensus; PINS shares fell as 2Q26 Revenue/Adj EBITDA was 2.8%/15% above consensus as growth benefited from 1pt F/X tailwind, and a ~1pt World Cup tailwind but Q3 guidance was softer, with revenue/Adj EBITDA 0.1%/2.7% above consensus (midpoint).
• Ad tech sector: APPS shares surged after the company beat FQ1 revenue and earnings expectations and issued stronger-than-expected full-year guidance. Revenue jumped 27% Y/Y to $166M, fueled by a 56% surge in its App Growth Platform segment, driven by strength in its demand-side brand business and the DT Exchange/guided FY2027 revenue in the range of $650M-$670M, which is above consensus

• Software movers: ZETA shares slip as weak full-year profit outlook overshadows revenue beat; Co forecasts FY26 profit in the range of $0.09-$0.11 vs. est. $0.16. BL EPS beat, but weak 6% billings growth and deal slippage overshadowed otherwise solid RPO trends, raising concerns about the pace of growth reacceleration into 2027; FRSH beat/raise as strong enterprise growth and rising Freddy AI adoption drove another rev beat and early GAAP profitability
• Security Software: QLYS posted one of its strongest quarters in recent history as revenue growth accelerated a point to +11% Y/y and ST Billings growth accelerated into the mid- teens range for the first time in 2+ years, driven by strength in ETM and Patch Management and 2026 revenue guide was raised by $11M at the midpoint (vs. $4M quarterly beat).

• Earnings tonight in memory space with SNDK, WDC results on deck.
• Reuters reported Samsung Electronics and SKHY are evaluating chipmaking equipment from China's Advanced Micro-Fabrication Equipment (AMEC) for possible use at their Chinese factories, three people familiar with the matter said, as the South Korean firms hedge against the risk of tighter U.S. export controls. The memory chipmakers began testing AMEC etching equipment about two years ago, when uncertainty was mounting over whether Washington would continue allowing them to import U.S. chipmaking tools into China, two of the sources said.
• ALAB posted a Q2 beat/raise as Scorpio switch ramp is arriving earlier than expected, driving a huge Q3 guide and accelerating the AI fabric growth story.
• LSCC reported strong 2Q results and higher 3Q guidance, with growth mostly driven by DC revs, as Compute & Comms grew +83% y/y, with AI DC revs on track to hit 25% of revs this year; Industrial & Auto revs grew +36% y/y in 2Q.

Street Recommendations

Wednesday, August 5, 2026

• ET Barclays analyst Theresa Chen raised the firm's price target on Energy Transfer LP to $24 from $23 and keeps an Overweight rating on the shares. The company reported a "material beat," supported by record volumes across segments and pointed to multi-faceted growth drivers into 2027, the analyst tells investors in a research note.
• PANW Barclays raised the firm's price target on Palo Alto Networks to $370 from $315 and keeps an Overweight rating on the shares ahead of the earnings report on September 1. The firm sees upside the company's bookings on its "strong" channel checks, seasonal strength, and "healthy" firewall demand.
• RRR Barclays analyst Brandt Montour raised the firm's price target on Red Rock Resorts to $73 from $72 and keeps an Overweight rating on the shares. The company reported a a solid Q2 beat, driven by less than expected disruption, World Cup traffic, and underlying core activity, the analyst tells investors in a research note.
• SKWD Barclays raised the firm's price target on Skyward Specialty Insurance to $68 from $65 and keeps an Overweight rating on the shares post the Q2 report. The company reported a beat on both growth and margins as management continues shifting toward higher growth specialty lines and scales back exposure to other lines seeing lower profits, the analyst tells investors in a research note.
• SUN Barclays raised the firm's price target on Sunoco LP to $80 from $78 and keeps an Overweight rating on the shares. The firm views Sunoco's post earnings selloff as positioning-driven rather than fundamental. The company's raised guidance, "robust" fuel distribution performance, and continued strength at Burnaby support a constructive outlook, the analyst tells investors in a research note.
• TOST Barclays raised the firm's price target on Toast to $39 from $35 and keeps an Overweight rating on the shares post the Q2 report. The company reported a "beat and raise" with record net additions, scaling new total addressable markets and new AI products, the analyst tells investors in a research note.
• TPG Barclays analyst Benjamin Budish raised the firm's price target on TPG to $64 from $58 and keeps an Overweight rating on the shares. The company reported a Q2 earnings beat driven by outsized transaction fees, and its fiscal 2026 fundraising and margin guidance was reaffirmed, the analyst tells investors in a research note.
• WYNN Barclays raised the firm's price target on Wynn Resorts to $136 from $134 and keeps an Overweight rating on the shares post the Q2 report. The company reported a beat driven by mass hold in Macau, while Las Vegas was in-line with low expectations, the analyst tells investors in a research note.
• ZBRA Barclays raised the firm's price target on Zebra Technologies to $410 from $346 and keeps an Overweight rating on the shares post the Q2 report. The company mitigated memory price inflation for the third consecutive quarter through pricing and productivity, the analyst tells investors in a research note.

• ANDE BMO Capital raised the firm's price target on Andersons to $90 from $75 and keeps an Outperform rating on the shares. Andersons delivered a major Q2 EPS beat driven by exceptional Renewables performance and 45-Z credits, while Agribusiness was mixed, the analyst tells investors in a research note. The strong first-half earnings momentum puts the company closer to its long-term EPS target, BMO argues.
• ATEC BMO Capital raised the firm's price target on Alphatec to $12 from $11 and keeps an Outperform rating on the shares. The company's Q2 beat-and-raise, strong procedure and surgeon growth, and improving free cash flow trajectory indicate operating leverage is accelerating, with the unchanged guidance viewed as prudent derisking rather than slowing demand, the analyst tells investors in a research note. BMO would use any pullback as an attractive entry point.
• BKNG BMO Capital raised the firm's price target on Booking Holdings to $250 from $240 and keeps an Outperform rating on the shares. The company delivered a Q2 beat as travel demand remained resilient and June trends improved, though Q3 guidance was cautious due to ongoing geopolitical impacts, partially offset by strong domestic and regional travel demand, the analyst tells investors in a research note.
• PCTY BMO Capital raised the firm's price target on Paylocity to $175 from $135 and keeps an Outperform rating on the shares. Paylocity delivered solid results with better-than-expected revenue growth, balanced client additions and ARPU expansion, while FY27 recurring revenue guidance appears achievable given product expansion and a strong growth exit rate, the analyst tells investors in a research note.
• PINS BMO Capital analyst Brian Pitz raised the firm's price target on Pinterest to $34 from $30 and keeps an Outperform rating on the shares. Pinterest delivered a strong Q2 beat driven by user growth, AI efficiency gains, and seasonal tailwinds, with MAUs reaching 640M, though Q3 guidance was more modest despite continued execution of its open-source AI strategy, the analyst tells investors in a research note.
• TOST BMO Capital analyst Andrew Bauch raised the firm's price target on Toast to $40 from $35 and keeps an Outperform rating on the shares. Toast delivered a strong Q2 with record net location growth, recurring GP and adjusted EBITDA well above expectations, and encouraging Toast IQ momentum, though limited FY26 flow-through tempered near-term confidence in operating leverage, the analyst tells investors in a research note.
• CE BMO Capital analyst John McNulty lowered the firm's price target on Celanese to $54 from $57 and keeps a Market Perform rating on the shares. Celanese delivered a mixed Q2 with strong AC margins benefiting from supply chain disruptions and EM growth supported by pricing and mix, but softer Q3 EPS guidance reflects normalization and footprint costs as temporary tailwinds fade, the analyst tells investors in a research note.

• ANET BofA raised the firm's price target on Arista Networks to $240 from $200 and keeps a Buy rating on the shares. The firm raised estimates following "strong" Q2 results, including "impressive" 38% revenue growth and momentum continuing into Q3 and Q4, the analyst tells investors.
• SPCX BofA analyst Ronald Epstein says SpaceX beat expectations across topline and profitability metrics in its first quarterly report as a public company and adds that the firm is "more positive" in the company's positioning across its key markets following Q2. While the stock remains negatively impacted on elevated capex expectations and questions on how SpaceX will monetize its capabilities through AI and Starlink Mobile, the firm reiterates a Buy rating and $235 price target on the shares.
• HRMY BofA analyst Jason Gerberry raised the firm's price target on Harmony Biosciences to $30 from $28 and keeps an Underperform rating on the shares. The firm's raised target reflects inclusion of a "heavily risk" adjusted pipeline following management's discussion of early Phase 1 single-ascending dose data for BP-205, its orexin candidate.
• KMB BofA raised the firm's price target on Kimberly-Clark to $122 from $120 and keeps a Buy rating on the shares. The firm, which cites improving peer multiples for its increased target, sees Kimberly-Clark executing on its transformation as the company leads organic sales with volume, cost savings, and market share gains, partially offset by impacts from higher input costs and marketing
• PFE BofA raised the firm's price target on Pfizer to $27 from $26 and keeps a Neutral rating on the shares. Despite a "solid" Q2, the firm expects Pfizer to continue trading at a no-growth multiple until positioning of key pipeline assets are better characterized, the analyst tells investors.
• AMGN BofA analyst Tazeen Ahmad raised the firm's price target on Amgen to $317 from $312 and keeps an Underperform rating on the shares. While the firm acknowledges the company's "strong commercial execution," it maintains an Underperform given significant loss of exclusivity exposure and more conservative views on the longer-term opportunities for MariTide and olpasiran, the analyst tells investors.

• EYPT Citi opened an "upside 90-day catalyst watch" on EyePoint while keeping a Buy rating on the shares with a $35 price target. Citi sees a "highly favorable setup" into the Phase 3 data for Duravyu in wet age-related macular degeneration, which is expected mid-to-late August.

• CPNG Deutsche Bank upgraded Coupang to Buy from Hold with a $21.50 price target.
• HIW Deutsche Bank analyst Peter Abramowitz downgraded Highwoods Properties to Hold from Buy with a price target of $33, up from $28. The company's leasing execution has been solid, but its non-core asset sales will hurt its growth in the near-term, the analyst tells investors in a research note. Deutsche cites valuation for the downgrade following Highwoods' recent share recovery.
• MCD Deutsche Bank analyst Lauren Silberman raised the firm's price target on McDonald's to $345 from $335 and keeps a Buy rating on the shares post the Q2 report. The firm sees the stock moving higher from here with a likely reacceleration in McDonald's U.S. comps starting later this month due to the energy launch.
• APTV Deutsche Bank downgraded Aptiv to Hold from Buy with a $56 price target.

• PINS Guggenheim analyst Michael Morris raised the firm's price target on Pinterest to $26 from $24 and keeps a Buy rating on the shares. The firm applies a higher multiple after Q2 results came in ahead of expectations, reflecting stronger UCAN financial growth, which it believes will lead incremental international growth.
• TVTX Guggenheim raised the firm's price target on Travere Therapeutics to $75 from $65 and keeps a Buy rating on the shares. The firm is updating its model following the company's Q2 results and a follow-up conversation with management.
• W Guggenheim analyst Steven Forbes raised the firm's price target on Wayfair to $135 from $100 and keeps a Buy rating on the shares following Q2 operating results that "broadly exceeded our expectations."

• LSCC Jefferies analyst Blayne Curtis raised the firm's price target on Lattice Semiconductor to $175 from $145 and keeps a Buy rating on the shares. The company reported a "beat-and-raise" quarter with the accretive AMI acquisition, the analyst tells investors in a research note. The firm says Lattice's September quarter guidance crossed a $1B run rate a quarter early. Jefferies sees the guidance raise "as the first of several raises to come."
• QLYS Jefferies raised the firm's price target on Qualys to $185 from $150 and keeps a Hold rating on the shares. The firm vies the company's Q2 report as strong. Qualys grew Q2 current billings by 15.9% year-over-year to $176.5M, well above consensus expectations of 8.2%, the analyst tells investors in a research note.
• TOST Jefferies raised the firm's price target on Toast to $40 from $38 and keeps a Buy rating on the shares post the Q2 report. The company reported "blowout" net additions and its memory cost headwind is less than expected, the analyst tells investors in a research note. The firm says Toast's fiscal 2026 guidance beat expectations even when accounting for a $10M one-time tariff refund benefit. It believes the company's outlook commentary should partially alleviate the margin overhang and expects the shares to rally "once the dust settles."
• PCTY Jefferies raised the firm's price target on Paylocity to $165 from $135 and keeps a Buy rating on the shares following the fiscal Q4 report. The company posted its largest recurring revenue beat of the year, the analyst tells investors in a research note. The firm says Paylocity's fiscal 2027 estimates have been reset with the stock trading at an "undemanding valuation."
• AMD Jefferies analyst Blayne Curtis raised the firm's price target on AMD to $650 from $640 and keeps a Buy rating on the shares. While the company's results and guidance missed "lofty expectations," the story remains on track with AI GPUs starting to ramp more materially in Q4, the analyst tells investors in a research note. Jefferies sees potential for AMD's AI GPU business to hit $40B in 2027 alongside server revenue of $30B as supply dynamics improve and Venice drives prices higher.
• ET Jefferies raised the firm's price target on Energy Transfer LP to $24 from $23 and keeps a Buy rating on the shares after a "beat & raise" report in Q2.

• EXPD JPMorgan upgraded Expeditors to Neutral from Underweight with a price target of $200, up from $144. The company reported another earnings beat, its eighth out of the last nine quarters, the analyst tells investors in a research note. The firm believes Expeditors' momentum should be further supported by an "unprecedented restructuring effort" by its new management. JPMorgan believes the company has an "increasingly clear path to steady growth amidst tariff-related complexity."
• SPCX JPMorgan raised the firm's price target on SpaceX to $240 from $225 and keeps an Overweight rating on the shares following the Q2 report. The stock in premarket trading is down 12%, or $14.74, to $110.59. The company continues to benefit from "extreme vertical integration and the pace of change in AI is incredibly fast," the analyst tells investors in a research note. JPMorgan says SpaceX believes it can exit 2026 with a December annual recurring revenue of $100B, well above its previous 2027 revenue estimate of $75B. The company also believes it can achieve $1 trillion in revenue in 2030, a year earlier than previously expected, adds the firm. JPMorgan thinks the step-up in compute capacity plus higher monetization suggests that SpaceX could pull forward previously modeled AI revenue for 2028 of $100B to 2027.
• AMD JPMorgan analyst Harlan Sur raised the firm's price target on AMD to $550 from $385 and keeps a Neutral rating on the shares. The company reported another "beat and raise" quarter relative to consensus expectations, though its September quarter guidance came in modestly below buy-side expectations, the analyst tells investors in a research note. The firm says data center growth is positioned to significantly outpace overall AI infrastructure spend in 2027.
• ANET JPMorgan analyst Joseph Cardoso raised the firm's price target on Arista Networks to $250 from $220 and keeps an Overweight rating on the shares. The company's Q2 report "offered ample evidence to push back on investor scrutiny around a weakening competitive position," the analyst tells investors in a research note. The firm says Arista reported a "clear beat" in the quarter and meaningfully raised forward expectations. JPMorgan continues to see the company as well positioned to compound through the AI build cycle, both inside and outside the data center.
• CAT JPMorgan lowered the firm's price target on Caterpillar to $1,100 from $1,165 and keeps an Overweight rating on the shares. The firm cites the recent market pullback for the target cut. Caterpillar reported earnings 22% above consensus as sales and margins beat across segments, the analyst tells investors in a research note. JPMorgan views the company's margin performance as underappreciated.

• HUT Keefe Bruyette lowered the firm's price target on Hut 8 to $154 from $157 and keeps an Outperform rating on the shares. The firm updated the company's model post the Q2 report. Keefe views the post-earnings pullback as more reflective of "market myopia rather than weakening fundamentals." The stock at current levels is assigning little value to Hut 8's pipeline opportunity and proven ability to execute on data center leases, the analyst tells investors in a research note.

• ANET KeyBanc raised the firm's price target on Arista Networks to $250 from $200 and keeps an Overweight rating on the shares. The firm notes the company's Q2 results meaningfully beat expectations, with revenue accelerating to about 38% and 2026 guidance raised to 40%. KeyBanc sees Arista as the key benefactor of AI networking cycle, expanding TAM into the Campus, and core front-end data center business showing steady growth. The firm thinks the bull case of $5.00-plus of EPS in 2027 is becoming likely, making Arista appear inexpensive at current levels.
• LSCC KeyBanc raised the firm's price target on Lattice Semiconductor to $180 from $165 and keeps an Overweight rating on the shares. The firm notes the company reported strong Q2 results and higher Q3 guidance. From a cycle perspective, visibility continues to improve with backlog now seen through the end of 2027.
• MCD KeyBanc analyst Eric Gonzalez lowered the firm's price target on McDonald's to $305 from $315 and keeps an Overweight rating on the shares following quarterly results. The firm says there were no major surprises, as Q2 U.S. sales remained soft - though positive - despite a robust marketing and innovation calendar. However, execution around the more intense level of programming was cited by McDonald's as a headwind.
• STRL KeyBanc lowered the firm's price target on Sterling Infrastructure to $754 from $922 and keeps an Overweight rating on the shares. The firm notes the company reported a strong quarter, but margin missed on mix shift and guidance on the continuation of the mix shift surprised investors. Also a surprise was the less than expected strength in Q2 bookings and commentary of Q3 BTB softness before bookings pick up in Q4 and beyond, KeyBanc adds. The firm thinks a lot has to do with expectations going into Q2 rather than actual results.
• ZBRA KeyBanc raised the firm's price target on Zebra Technologies to $430 from $305 and keeps an Overweight rating on the shares. Following Q2 earnings, the firm is raising its estimates. While this quarter's beat benefited by $1.20 from IEEPA tariff refunds, margins, sales, and EPS still would have solidly beat excluding the benefit, KeyBanc argues. The firm was encouraged by the company's ability to effectively mitigate memory cost headwinds and secure supply supportive of growth into FY27.

• WYNN Mizuho raised the firm's price target on Wynn Resorts to $132 from $125 and keeps an Outperform rating on the shares. The company reported a solid quarter with a better than expected outlook, the analyst tells investors in a research note. Mizuho believes headwinds in Vegas and Macau were well telegraphed and the tone of the call was more encouraging, on a base of low expectations.

• ADM Morgan Stanley upgraded Archer Daniels to Equal Weight from Underweight with a price target of $79, up from $60, post the Q2 report. The company's stronger execution in the first half of 2026 reduces downside risk and creates a "more balanced bull-bear setup going forward," the analyst tells investors in a research note. Morgan Stanley says its prior thesis on Archer Daniels reflected idiosyncratic risk that has failed to materialize and is no longer likely to play out.
• PAC Morgan Stanley analyst Jens Spiess upgraded GAP Airports to Equal Weight from Underweight with a price target of $225, up from $210. The company's better traffic outlook balances the stock's risk/reward, the analyst tells investors in a research note. However, Morgan Stanley believes GAP's valuation caps the upside potential in the stock.
• ASR Morgan Stanley lowered the firm's price target on Asur to $280 from $315 and keeps an Underweight rating on the shares. The firm views the company's consensus traffic expectations as "stretched." OMA remains Morgan Stanley's preferred stock in the Mexico airport space.
• OMAB Morgan Stanley analyst Jens Spiess raised the firm's price target on OMA to $125 from $120 and keeps an Overweight rating on the shares. The firm says OMA remains its preferred name in the Mexico airport space. The company combines one of the strongest 2027 traffic setups with an attractive valuation, the analyst tells investors in a research note.
• QLYS Morgan Stanley analyst Meta Marshall raised the firm's price target on Qualys to $130 from $115 and keeps an Underweight rating on the shares. The firm adjusted estimates following the company's "better than expected" Q2 report. The firm remains reserved on the category, but "walked away surprised positively," the analyst added.

• UPST Piper Sandler raised the firm's price target on Upstart to $51 from $46 and keeps an Overweight rating on the shares. The firm notes shares are up about 11% after hours on a solid quarter, as strength in core personal loans and a record contribution profit drove a return to GAAP profitability. Piper believes Upstart's moat is real as the model accuracy continues to widen.
• SPCX Piper Sandler lowered the firm's price target on SpaceX to $140 from $156 and keeps a Neutral rating on the shares. In its first earnings call, SpaceX easily beat consensus. With that said, the stock is trading lower after hours as the number of tradable shares will soon rise by over 140%; FY27 capital expenditure will likely be about $65B, about $17B higher than Piper thought; and AI cloud contracts are lucrative but cancelable.
• RVLV Piper Sandler raised the firm's price target on Revolve Group to $30 from $27 and keeps an Overweight rating on the shares. At up 12%, Revolve Q2 sales beat sell-side slightly/were in line with the buy-side, and July accelerated to up 18%, the firm notes. Piper thinks the multiple is warranted given broad-based momentum in the business.
• SHOO Piper Sandler raised the firm's price target on Steven Madden to $55 from $50 and keeps an Overweight rating on the shares. At FFANY, the firm met with the management team from Steven Madden and saw product for January--March deliveries. As product momentum continues with the dressy cycle further gaining steam and the Madden brand "cool factor" back on, Steven Madden should be well positioned to take share this back to school across the portfolio, adds Piper.
• ANET Piper Sandler raised the firm's price target on Arista Networks to $240 from $181 and keeps an Overweight rating on the shares. The firm notes shares are up over 10% following one of the largest beats in about four years that also saw solid prod billings, better GPM, increased supply visibility and commitments, and an impressive 10% raise to annual guide that will mark a year-over-year acceleration to 40% growth at $12.6B of scale as Arista is an AI-beneficiary.
• BKNG Piper Sandler raised the firm's price target on Booking Holdings to $215 from $195 and keeps a Neutral rating on the shares. The firm says the company demonstrated why it's a blue chip name in travel. While global travel faced uncertainty due to Mid-East conflict, Q2 results were solid and exceeded expectations. Management continues to scrutinize the cost structure and the capital return continued. Piper tweaks estimates slightly higher.
• BL Piper Sandler lowered the firm's price target on BlackLine to $35 from $37 and keeps a Neutral rating on the shares. The firm notes the solid progress on the ongoing platform pricing transition that reached 17% of eligible ARR mix, aided by advances in the Verity AI portfolio, was encouraging in Q2. However, increasing evidence of elongating sales cycles that drove about $8M in deal pushed out of Q2 reinforces Piper's ongoing concerns around budget priority headwinds that remain a key factor, particularly within the back-office space amid the enterprise AI investment cycle.
• INTA Piper Sandler raised the firm's price target on Intapp to $34 from $25 and keeps a Neutral rating on the shares. The firm notes shares are trading up about 10% after hours following Q4 earnings, which came in broadly above Piper's estimates and consensus. The firm remains constructive on Intapp's agentic initiatives and Celeste's positioning in the evolving AI ecosystem while awaiting further proof points of Celeste uptake among the company's customer base.
• QLYS Piper Sandler raised the firm's price target on Qualys to $175 from $100 and keeps a Neutral rating on the shares. Although management signaled that increased cybersecurity capabilities in new LLMs has yet to impact results, Qualys posted one of its strongest quarters in recent history, the firm notes. Although it is encouraging to see a strong result ahead of any material AI-related impact being felt, Piper sees a relatively balanced setup from here.
• TOST Piper Sandler analyst Billy Fitzsimmons raised the firm's price target on Toast to $39 from $32 and keeps an Overweight rating on the shares. The firm says the company's Q2 delivered on multiple fronts. With better clarity on adjusted EBITDA margins, new TAM ARR expected to double to $200M in FY26, and strong mix of location growth/ARPU expansion, Piper thinks bear concerns are fading and the bull case has strengthened.

• AMWL Stifel raised the firm's price target on Amwell to $11 from $6.50 and keeps a Hold rating on the shares. Q2 revenue and EBITDA beat on stronger-than-expected subscription revenue and a mix shift in visits to higher priced services, the analyst tells investors.

• W TD Cowen raised the firm's price target on Wayfair to $110 from $75 and keeps a Hold rating on the shares. The company reported a Q2 revenue beat on continued share gains and issued a strong outlook for Q3, the analyst tells investors in a research note.
• WAT TD Cowen upgraded Waters to Buy from Hold with a price target of $475, up from $408, post the Q2 report. The company delivered another solid result in the core business, the analyst tells investors in a research note. TD expects Waters' high-single-digit growth to continue with the instrument replacement cycle extending into 2028. It believes the shares deserve a premium valuation multiple with "industry-leading" growth.
• CECO TD Cowen initiated coverage of Ceco Environmental with a Buy rating and $85 price target. The company is in the "sweet spot" of providing critical infrastructure into a broadening and diversifying global power buildout, the analyst tells investors in a research note. The firm says that while data center will continue to be Ceco's primary driver, the company's exposure extends to liquified natural gas infrastructure, and increasingly to industrial water. As projects get larger, more complex, and closer to population centers, Ceco's "portfolio becomes more relevant," contends TD.

• SRAD UBS downgraded Sportradar to Neutral from Buy with a price target of $16, down from $30. The firm is surprised by the company's fiscal 2026 guide down given growing demand from prediction markets. It now has less conviction on Sportradar's growth and profitability improvements.
• AAPL UBS analyst David Vogt says the firm's analysis of Sensor Tower data suggests Apples App Store growth remained muted in July, with global revenue roughly flat FX-neutral and slowing internationally, raising concerns given the App Store's significant contribution to Apple's Services revenue. The firm maintains a Neutral rating and $296 price target on Apple.
• ALGT UBS analyst Atul Maheswari raised the firm's price target on Allegiant Travel to $111 from $103 and keeps a Neutral rating on the shares. Allegiant delivered a strong Q2 with better-than-expected RASM and costs, while management highlighted robust airline demand, successful initiatives, and a bullish Q3 outlook with potential upside from continued close-in travel strength, the analyst tells investors in a research note.
• PINS UBS raised the firm's price target on Pinterest to $33 from $30 and keeps a Buy rating on the shares. Pinterest's revenue guidance came in slightly below investor expectations, but improving AI automation tools, broader advertiser vertical adoption, international monetization, and strong cost control suggest greater long-term growth potential beyond 2026, the analyst tells investors in a research note.
• HSIC UBS analyst Kevin Caliendo raised the firm's price target on Henry Schein to $94 from $89 and keeps a Neutral rating on the shares. Henry Schein delivered a solid Q2 with several company-specific drivers supporting potential upside, including international specialty growth, margin expansion, pricing gains, and share gains, though valuation remains a key consideration, the analyst tells investors in a research note.
• LDOS UBS raised the firm's price target on Leidos to $138 from $124 and keeps a Neutral rating on the shares. Leidos faces continued VBA Medical Disability Exams headwinds, but improved visibility on the reset, strong core bookings, healthy margins, and lower corporate costs could allow focus to shift toward longer-term earnings growth, the analyst tells investors in a research note.
• BKNG UBS analyst Stephen Ju raised the firm's price target on Booking Holdings to $274 from $266 and keeps a Buy rating on the shares. The company's Q2 results showed a near return to normal travel trends, with resilient lodging bookings offsetting weaker air demand, while conservative guidance and improving estimates support the long-term growth framework, the analyst tells investors in a research note.

• SPCX Wells Fargo lowered the firm's price target on SpaceX to $215 from $230 and keeps an Overweight rating on the shares following quarterly results. On debut call, management struck an optimistic tone on the outlook for its AI segment, guiding to 2027 capacity net adds well above expectations. Capital expenditure, revenue and EBITDA estimates were all higher for 2027-2028, Wells adds, noting the company is "off to an ambitious start."
• WIX Wells Fargo raised the firm's price target on Wix.com to $64 from $46 and keeps an Equal Weight rating on the shares. The firm feels better about Base44 ARR post the earnings call and believes monthly ARR added in June / July remains about $20M, similar to earlier in the year. However, reinvestment of inference savings back into S&M limits upward operating income and free cash flow revisions, Wells adds.
• ANET Wells Fargo raised the firm's price target on Arista Networks to $255 from $200 and keeps an Overweight rating on the shares. The firm notes Arista's 2026 outlook at 40% year-over-year well exceeded its previewed over 30% expectation. With extensive efforts to increase supply and a strong demand backdrop, Wells expects focus on continued upside momentum.
• AMGN Wells Fargo analyst Mohit Bansal raised the firm's price target on Amgen to $400 from $390 and keeps an Equal Weight rating on the shares. The firm notes the company posted a solid Q2 and raised FY26 guidance. That said, Wells thinks Amgen' strong commercial execution is largely reflected in the current share price and looks to the second half of 2026 catalysts for re-rating potential.
• AMD Wells Fargo raised the firm's price target on AMD to $700 from $615 and keeps an Overweight rating on the shares. The firm notes AMD now sees revenue growth "substantially" above prior target at 35%-plus 2025-2030 CAGR, and EPS to "significantly exceed" its prior $20/share target by 2029-2030.
• RARE Wells Fargo lowered the firm's price target on Ultragenyx to $45 from $47 and keeps an Overweight rating on the shares. The firm is constructive ahead of GTX-102 Phase 3 data in September/October, and on management's focus to achieve profitability in 2027. Wells interpreted commentary as negative for setrusumab, as initial FDA interactions haven't yet led to alignment on the path forward.
• BKNG Wells Fargo raised the firm's price target on Booking Holdings to $220 from $214 and keeps an Equal Weight rating on the shares. The firm notes the company reported only a modest revision to full year guidance despite ongoing Middle East conflict, better than market expectations. Wells believes Q3 nights guide appears conservative based on June/July commentary, and sees attractive relative opportunity in the shares at 17-times accelerating 2027 EPS.
• COMP Wells Fargo raised the firm's price target on Compass to $13 from $12 and keeps an Equal Weight rating on the shares. The firm notes the company beat Q2 and guided Q3 8% ahead, despite signs that the overall housing market weakened quarter-to-date. Luxury market appears insulated from broader housing woes, enabling a strong guide and management continues to execute well on the Anywhere merger, Wells adds.
• PRCT Wells Fargo analyst Nathan Treybeck downgraded Procept BioRobotics to Equal Weight from Overweight with a price target of $19, down from $34. Q2 introduced uncertainty about the aquablation procedure outlook, says the analyst, who moves to the sidelines until there is better visibility.

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

• 10:00 AM ET                 Construction Spending for June
• 10:00 AM ET ISM Manufacturing PMI for July

• Earnings After the Close: ADTN ADUS AEIS AESI ALG ALSN AMRC ANDE ARE BLZE BSM BWXT CBT CLPT CLX CRGY CSR CSWC CTOS DDD DORM EVER FANG GBDC GPOR HSTM ICHR INSP IRT IVT JAZZ JELD JXN MATX MED NJR OKE ON OPAD OTTR PAY PLTR POWL RAIL SBAC SBRA SIBN SITC SNAP STOK TDW TKO TTI UCTT UTL VERX VNO VNOM VOYG VRTX VVX WGS SHR WMB

• 8:30 AM ET                   International trade for June
• 8:30 AM ET                   Advance Goods trade Balance for June
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Factory Orders M/M for June
• 10:00 AM ET                 Durable Goods orders M/M for June
• 10:00 AM ET                 JOLTs Job Openings for June
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACAD AFG AGNT AMD AMGN AMWL ANET ANGI ANGX APPS ARDT ARWR ATEC BBBY BIO BKNG BL BV BXC BZFD CACC CALY CC CE CX COMP CPNG CRBG CRCT CRNX CXDO DEI DOC DVA DVN ECG EGHT EHTH EMR EQH EVTC FBIN FLYW FRSH FTK GILD GLAD GTE GXO HL HLMN HNGE IFF INTA IOSP IPAR IPI J KTOS LCID LDI LMAT LMB LRN LSCC LUMN MAC MAT MCY MOS MQ MTCH NGL OGS OPEN ORLA PARR PCRX PCTY PINS PLUS PRCT PRIM PRI PSKY QLYS RARE RBA RIGL RRR RVLV RYAM SGHC SKT SKY SPCX SU SUPN SWIM TALO TBI TDC TOST TRVG TVTX UPST USNA VOYA VSAT WK WTRG WYNN ZETA

• 8:15 AM ET ADP Private Payrolls for July
• 9:45 AM ET S&P Global Composite PMI, July-final
• 9:45 AM ET S&P Global Services PMI, July-final
• 10:00 AM ET ISM Non-Manufacturing for July
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: ACA ACT AGL AKA ALB ALL ALNT ALTO AMPL APLE APP ARQT ARRY ASYS ATEN ATNI ATO AWR AXON BBD BBSI BKH BLBD BMBL BROS BYND CACI CAO CAPL CDE CENTA CF CGNX CHRD CHRS CHYM CLOV CMP COKE COOK CPA CPAY CRUS CW CEN CXT CXW DASH DAVE DGII DHT DHX DIOD DLX DOX DUOL EBAY EBS EE EHC ELF EOLS ERO ETSY EXEL EXPE EZPW FIG FLNC FNF FSLY FWRD GDRX GNK GNW GOOD GRAL GT GTM HBB HCC HHH HLF HMN HNST HRTG HST HUBS III IONQ JOBY KLIC KMPR KRO KVYO LAB LB LEU LZ MCK MELI MET MFC MGNI MIRM MKSI MNKD MSI MTDR MUR MUSA MWA MYO NTR NVST NWSA O OEC ORA OUT OXY PAYC POWI PR PRI PTLO QGEN RAMP RDN RELY RGLD RIG RUN RYN SBGI SBLK SEI SITM SM SMR SNDK SOLV SRPT STE SYM TASK TLN TPC TROX TRUP TS TTMI UGI UHAL VAL VRRM WDC WES WTS XYZ ZG ZIP ZVRA

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Nonfarm productivity for Q2
• 8:30 AM ET                   Unit Labor Costs for Q2
• 10:00 AM ET                 Wholesale Inventory M/M for June
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAOI ABNB ABX AFL AGO AHR AIG AKAM ALRM AMN AMRZ AORT APC ARDX ARLO ARW ASTH ATLC BARK BLNK BMRN CABO CARG CART CBL CLNE CLSK CON CPK CRSR CTRE CWST CYTK DBX DFLI DKNG DOCS DV ED ESE FIGS FIVN FNKO FOXF FROG G GAIN GEN GMED HALO HASI ICFI ICUI IIIV INGN INOD IRTC JHX KGS KRMN LASR LION LOCO LYFT MAIN MARA MNST MP MRVI MTW NAVI NET NTGR NTRA OM ONTO OUST PAR PGNY PK PRAA PUBM QDEL RCAT REAL RGA RGTI RHP RKT RLJ RMAX RMD ROKU RSG SERV SEZL SG SIGA SPT SSP SVV SYNA TEAM TNDM TTD TTGT TWLO TXG TXRH UE VTEX WEAV WEST WMG WPM WSC XRAY YELP

• 8:30 AM ET                   Private Payrolls for July
• 8:30 AM ET                   Manufacturing Payrolls for July
• 8:30 AM ET                   Average Hourly Earnings for July
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 3:00 PM ET                    Consumer Credit for June