Early Look

Tuesday, August 25, 2026

U.S. stock futures jump overnight as Nasdaq futures are looking higher by nearly 1%, helped by a bounce in semiconductors as Nvidia (NVDA) looks to rebound after shares fell on Monday, its 7^th straight decline ahead of earnings tomorrow. Oil prices fall more than 3% to a one-week low as traders shrugged off the latest U.S. sanctions campaign against Iran, viewing economic pressure as posing less risk to oil supplies than a military escalation, while Treasury yields dip. The S&P 500 and Nasdaq ended lower on Monday, pulled down by technology stocks, ahead of Nvidia earnings and a closely watched inflation report where the Fed Jackson Hole meeting takes place on Friday. In Asian markets, The Nikkei Index rose 328 points to 65,856, the Shanghai Index rose 7 points to 3,889, and the Hang Seng Index slipped -6 points to 25,511. In Europe, the German DAX is up over 200 points to 26,319, while the FTSE 100 edges higher 13 points to 10,868. The price of bitcoin, meanwhile, surged above $80,000 for the first time in three months after the Treasury's intervention in the bond market revived concerns about dollar debasement, sending investors to alternative assets.

• The Dow Jones Industrial Average rose 140.15 points, or 0.26%, to 53,417.16
• The Nasdaq Composite dropped -200.26 points, or 0.76%, to 25,980.19
• The Russell 2000 Index declined -22.79 points, or 0.76% to 2,995.08

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for June
• 9:00 AM ET                   CaseShiller 20-city index M/M for June
• 10:00 AM ET                 New Home Sales M/M for July…est. 620K
• 10:00 AM ET                 Consumer Confidence for August…est. 90.2
• 10:00 AM ET                 Richmond Fed Index for August…prior 5
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BOX ELMD HEI INTU JOYY NCNO NOAH QFIN SMTC STRT ZM

• Jefferies Semis, IT Hardware & Comm Tech Conference, 8/25-8/26 in Chicago, IL
• Piper 2026 Chicago Summer Trading Tour, 8/24-8/25 (virtual)
• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• Treasury Secretary Scott Bessent is reportedly preparing stronger measures to prevent investors from pushing Treasury yields higher. With the 10-year yield near 4.7% and U.S. debt hitting $40 trillion, options could include temporarily limiting some long-term debt issuance. Bessent aims to contain borrowing costs and protect economic growth, but investors remain concerned about America’s rising debt burden."
• National Activity Index (gauges overall economic activity and related inflationary pressure) retreated in July falling to -0.08 vs. +0.06 prior … 40 of the 85 individual indicators made positive contributions.

• Grand Canyon Education (LOPE) places CFO Daniel e. Bachus on paid administrative leave effective August 21, 2026 - SEC filing; CFO leave related to government investigation of third party trades in company stock - SEC filing; appoints Lori Browning as interim CFO and interim Principal financial officer effective August 21, 2026.
• Nayax (NYAX) agreed to acquire IPS Group from Windjammer Capital Investors in an all-cash transaction for a total consideration of $350M. IPS's technology and base of more than 250,000 parking spaces, combined with Nayax's reach across more than 120 countries, will accelerate IPS's expansion into new markets.
• Tesla (TSLA) raised the prices of some of its Cybertruck pickup trucks in the United States on Tuesday, according to its website. The company increased the price of its Cybertruck dual motor and premium all-wheel drive by $5,000 to $74,990 and $84,990 respectively.

• Spire Global (SPIR) has been awarded an approximately EUR 4 M one-year contract renewal and expansion by EUMETSAT, Europe's meteorological satellite agency.

• Bank of Nova Scotia (BNS) Q3 Non-GAAP EPS of C$2.28 tops C$2.10; Q2 revs of C$10.54B (+11.1% Y/Y) beats by C$610M; Q2 adjusted Return on equity of 14.2%, compared to 12.4%; Q1 (CET1) capital ratio of 13.1%; Q1 provision for credit losses was C$1,079M compared to C$1,041M, an increase of C$38M. The provision for credit losses ratio increased by one basis point to 56 basis points; reported a net income of C$2.95B ($2.13B), or C$2.27 per share, for the three months, compared with C$2.53B, or C$1.84 per share, in the year-ago period.

• Meta Platforms (META) plans to launch a consumer-facing AI agent in the coming weeks and is targeting October for the release of a new AI model, The Information reported on Tuesday, citing internal documents.
• Navitas Semiconductor (NVTS) announced a deal to acquire power management solutions company Claros in a transaction valued at up to approximately $232.8M.
• Plexus Corp (PLXS) approves new share repurchase program authorizing up to $100M of common stock.
• Sentiment for technology firms has slipped amid growing political opposition to AI data centers. Texas Governor Greg Abbott delivered one of the starkest warnings yet from a Republican to the AI industry, saying data center companies "dug their own grave" and deserve the backlash they're facing after failing to win community support, Axios reported on Sunday. This month, Abbott ordered a pause ‌on approvals of new data center projects through the state's grid interconnection process, citing concerns that a surge in electricity demand could threaten reliability at a time when opposition to the projects is growing.

Mid-Morning Look

Tuesday, August 25, 2026

U.S. stocks were solidly higher overnight as a rally/rebound in key technology stocks helped boost major averages, but stocks have been paring gains on the open, led by declines in consumer staples and discretionary behind a weaker outlook and earnings results from Dicks Sporting Goods (DKS) as shares tumble -25% and drag other retailers lower. Semiconductors (SOX) rebound as NVDA rises for the first time in 8 days ahead of earnings tomorrow night, along with the rest of the group while software falls/optical rises. Oil prices fell more than 3% to a one-week low as traders shrugged off the latest U.S. sanctions campaign against Iran, viewing economic pressure as posing less risk to oil supplies than a military escalation. The lower oil has Treasury yields lower. Bitcoin hit highs above $81,000 as the rally continues, though is off its best levels. Boston Fed President Susan Collins said today the Fed will need to raise interest rates soon unless coming data show a continued decline in inflation that remains too high and which has become a "pervasive" concern for businesses and households. Stanley Druckenmiller criticized Treasury Secretary Scott Bessent’s plan to buy long-term Treasuries to lower yields, calling it a “mistake.” He argues rising borrowing costs reflect deeper problems: persistent inflation, widening deficits and $40 trillion in National debt. Druckenmiller warned that suppressing long-term yields only delays necessary fiscal reforms, calling the Treasury yield America’s key remaining fiscal disciplinarian.

• US June home prices in 20 metro areas +0.2% seasonally adj (consensus +0.1%) vs +0.2% in May (previous +0.2%) - S&P Cotality Case-Shiller reported. US June 20-metro area home prices non-adjusted +0.4% vs +0.9% in May (previous +0.9%). US June 20-metro area home prices +2.1% (consensus +1.7%) from year ago vs +1.6% in May (previous +1.6%).
• Richmond Fed composite manufacturing index +4 in Aug vs +5 in July while Richmond Fed manufacturing shipments index +11 in Aug vs +8 in July.

• Payments sector: FOUR was upgraded to Overweight at Wells Fargo (tgt to $59 from $55) as sees an improved share setup post the Q2 report. The firm also downgraded FIS to Equal Weight from Overweight (tgt cut to $46 from $58) saying the company's recent execution challenges in capital markets raise questions about its multi-year growth potential, and sees FIS's banking growth decelerating in the second half of 2026 against tougher compares, creating a lack of near-term catalysts for the shares.
• Sporting goods Retail: DKS cut its full-year sales forecast to $21.9B-$22.2B, compared with its earlier forecast of $22.1B-$22.4B, and cuts FY26 adjusted EPS view to $11.00-$12.00 from $13.50-$14.50; said taking a more cautious view of balance of year (follows Q2 top/bottom line miss). Results weighed on NKE as DKS cited weakness in Foot Locker segment, but also hitting broad retail space.

• KURA +7%; Chief Executive Officer, Chairman and President Troy Wilson bought 100,000 shares worth $1.2M on August 24. The purchase price was $12.4 per SEC filing.
• MRNA +10%; picks up steam after last weak cancer vaccine data sent shares soaring.
• NVDA +2%; rebounds ahead of earnings tomorrow night, trying to snap its 7 day losing streak.
• SMCI +7%; in broad bounce back for semiconductors (MRVL, and optical names CIEN, LITE, etc.)

• APA -2%; falling with a decline in oil prices weighing on COP, CVX, XOM and other oil stocks.
• DKS -21%; cut its full-year sales forecast to $21.9B-$22.2B, compared with its earlier forecast of $22.1B-$22.4B, and cuts FY26 adjusted EPS view to $11.00-$12.00 from $13.50-$14.50; said taking a more cautious view of balance of year (follows Q2 top/bottom line miss).
• NKE -3%; weighed down by DKS results which cited soft results from key vendor Footlocker for its lowered outlook and commentary.

Closing Recap

Tuesday, August 25, 2026

U.S. stocks finished higher in another lackluster trading day as many of the weekly catalysts are coming up, partially explaining the lethargic trading levels on Wall Street the last few days (in addition to it being the last week of the summer). Earnings are in focus tomorrow night with semi giant Nvidia (NVDA) results along with software companies CRWD, CRM, OKTA and other key tech names. The other focus is Wednesday mornings U.S. Personal Consumption Expenditures (PCE) inflation report for July and then Fed Chair Kevin Warsh's remarks at the Jackson Hole symposium on Friday for further clues on the central bank's monetary policy outlook. In trade news, Canada announced retaliatory tariffs on the U.S. as they plan 15%-50% tariffs on roughly $20B of U.S. goods starting Sept. 8, escalating its trade dispute with Washington. Targets include Steel, Aluminum, motorcycles, appliances and food products, with metals tariffs doubling to 50%. Ottawa also announced C$7.5B in support for affected businesses and workers. The retaliation follows new 50% U.S. tariffs on Canadian imports. News flow was quiet ahead of a few key earnings results this week as Communications, Technology and Utilities led in the S&P 500 while Energy and Consumer Staples were the biggest losers on the day with retail taking a hit behind a lower outlook and forecast from Dick’s Sporting Goods (DKS) as shares fell over -30%.

• US June home prices in 20 metro areas +0.2% seasonally adj (consensus +0.1%) vs +0.2% in May (previous +0.2%) - S&P Cotality Case-Shiller reported. US June 20-metro area home prices non-adjusted +0.4% vs +0.9% in May (previous +0.9%). US June 20-metro area home prices +2.1% (consensus +1.7%) from year ago vs +1.6% in May (previous +1.6%).
• Richmond Fed composite manufacturing index +4 in Aug vs +5 in July while Richmond Fed manufacturing shipments index +11 in Aug vs +8 in July.

• Bitcoin rose above $81,000 for the first time since mid-May before paring gains, but extending its recent rally while the dollar index (DXY) was little changed ahead of tomorrows PCE inflation report and Treasury yields slid ahead of the report, pulling back from multi year highs.
• Oil prices fell about 4% to a one-week low as traders shrugged off the latest U.S. sanctions campaign against Iran. WTI crude declined -$2.65 or 3.12% to settle at $82.36 per barrel while Brent crude prices declined -$3.59 or 3.89% to settle at $88.58 per barrel as both benchmarks hit their lowest levels since August 17. The shift from military conflict to economic pressure in the U.S.-Israeli war with Iran appears to have reduced some of the oil market's anxiety.

• Apparel retail: Stifel noted NKE 2026 back-to-school footwear survey (see note) identified Nike as the most Popular brand in 45.8% of checks across Stifel's 110 store census, an increase of +7.6ppts Y/y vs the all-time low of 38.2% recorded in BTS '25, but well below the 92.5% popularity peak in 2021
• Online Retail: BABA executives, including co-founder and chairman Joseph Tsai, bought more than 1.1M shares worth about $15.3M on Monday, according to SEC filings. Tsai purchased 720,000 shares at an average of $14.29, while CEO Eddie Wu bought 350,000 shares at a weighted average of $14.24.
• Discount Retail: FIVE downgraded to Hold from Buy with $250 PT at Loop Capital based on current valuation levels as opposed to a more bearish view of the company's fundamentals. Loop believes its bullish fundamental outlook on Five Below is largely priced in at current levels.
• Auto sector: TSLA raised the prices of some of its Cybertruck pickup trucks in the United States on Tuesday, according to its website. The company increased the price of its Cybertruck dual motor and premium all-wheel drive by $5,000 to $74,990 and $84,990 respectively.

• Trucking sector: UBS noted Truckload dry van (ex-fuel) spot rates rose sharply in May through early July, but they have declined 11% since the first week of July which is worse than a normal seasonal decline of only 3%. Growth in spot rates is a key driver of truckload stock P/Es and valuation in the current cycle is following a similar pattern to prior cycles and reflecting that July was the peak in y/y increase in spot rates. KNX's forward P/E was ~30x in February and it is now around 21x. If we assume normal seasonality off an August rate of $2.04/mile, TL spot rates would rise to ~ $2.25 / mile in December. We believe pressure on capacity looking forward is the key factor which could support upside for TL names from here.
• Aerospace sector: BA was awarded a $131,23B contract from the U.S. Department of War for indefinite-delivery/indefinite-quantity (IDIQ) contract to support the F-15 Eagle Crest program, which oversees the F-15 fighter aircraft fleet. The work is expected to be completed by August 2037.
• Material sector: in lithium sector, ALB shares fell after JPM lowered 2026 EBITDA estimate from $3.4B to $2.9B, vs. $1.1B in 2025 noting Lithium prices have come down from recent peaks reached in May 2026, which approached $30,000/t. Their Q3:26 EBITDA estimate is $668M versus $858mm in Q2:26.

• Banking sector: VLY agreed to buy Providence Financial for about $247M in cash and stock in a deal that expands the bank and financial holding company's presence in the Chicago metropolitan area. Providence has about $1.6 billion in total assets, $1.3 billion in total deposits, $1.1 billion in total loans.
• Lending sector: BFH was upgraded from Peer Perform to Outperform at Wolfe Research saying while they see it in the mid-to-late innings of that journey, it expects continued upside to near-term estimates as growth accelerates, expense growth remains disciplined, and credit improves.

• KURA shares rise after CEO, Chairman, and President Troy Wilson purchased 100,000 shares worth $1.2 million at $12.40 on August 24.
• ZYME announced that its partner, JAZZ, has received U.S. FDA approval for two Ziihera-containing regimens for the first-line treatment of adults with unresectable locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma.
• Medical Distributors: MCK to acquire privately held Precision Medicine Group for about $2.25B. Precision Medicine Group will report within McKesson's Oncology & Multispecialty segment after close.

• Hardware sector: AAPL unveiled a new Mac mini lineup, with preorders starting today and availability beginning Sept. 22. The M6 Mac mini starts at $899, has a 12-core CPU / 12-core GPU and is up to 40% faster CPU performance vs. M4 with up to 4x faster AI performance and up to 32GB unified memory. The M5 Pro Mac mini starts at $1,699 with up to 18-core CPU / 20-core GPU and up to 64GB unified memory. Apple claims up to 8.5x faster LLM prompt processing vs. M2 Pro.

• AMD was upgraded from Outperform to Strong Buy at Raymond James and raised tgt to $641 from $565 as extends its Ai Factory framework to the server CPU market and forecast revenue growing at a 44% five-year CAGR to ~$201B in CY30, driven by conventional datacenter demand.
• NVTS moves deeper into the AI power stack with its acquisition of Claros for up to $233M by adding vertical power delivery and integrated voltage regulator technology closer to the processor.
• SKHY union has rejected an agreement that would have raised salaries and paid out a portion of bonuses in company shares, Yonhap News reports.
• SMCI rises as CSCO announced a formal expansion of its AI infrastructure portfolio through a new partnership with Super Micro.
• Semi Equipment sector (AMAT, LRCX, KLAC, ASML): Goldman Sachs raised their 2026/27/28 WFE estimates to $150/$218/$281 bn (+36%/+45%/+29%) from $141/$186/$208 bn (+28%/+32%/+12%), driven by significant CAPEX revisions and more constructive outlooks from SPE suppliers

Street Recommendations

Tuesday, August 25, 2026

• FMC BofA resumed coverage of FMC with a Neutral rating and $12 price target. Along with Q2 results, FMC lowered its full-year outlook, which resets the back half sharply lower, though at about $425M implied second half EBITDA, the guidance sits below the roughly $480M consensus, the analyst tells investors.

• WDAY Canaccord raised the firm's price target on Workday to $225 from $200 and keeps a Buy rating on the shares. The firm updated its model ahead of its earnings and believes te shares are trading as much on deal probability as underlying fundamentals however believing its improving fundamentals warrant a re-rate of the shares.

• SIG Citi analyst Paul Lejuez opens an "upside 30-day catalyst watch" on Signet Jewelers while keeping a Buy rating on the shares with a $120 price target. Citi expects the company report inline Q2 results and raise its guidance to the top end of the prior range. The firm sees a "compelling" risk/reward for the shares into the earnings report.
• ACAD Citi raised the firm's price target on Acadia Pharmaceuticals to $40 from $39 and keeps a Buy rating on the shares ahead of the Phase 2 Alzheimer's disease psychosis readout anticipated in September or October. Citi sees 50% share upside in its base case. The firm believes emlifanserin needs to show a 2.4-point mean placebo-adjusted benefit on the Scale for the Assessment of Positive Symptoms-Hallucinations plus Delusions.
• XPEV Citi lowered the firm's price target on XPeng to $21.40 from $22.50 and keeps a Buy rating on the shares post the Q2 report. The company's Q3 outlook brought a volume miss, the analyst tells investors in a research note. Citi expects XPeng's Q4 monthly sales to top 60,000 units.

• LRCX Mizuho lowered the firm's price target on Lam Research to $365 from $370 and keeps an Outperform rating on the shares. The firm cut price targets across the semiconductor space citing multiple compression. Mizuho's meeting with SemiAnalysis President Doug O'Laughlin indicates memory is "key bottleneck" while aggregate DRAM demand is higher, the analyst tells investors in a research note.
• MKSI Mizuho analyst Vijay Rakesh lowered the firm's price target on MKS Inc. to $330 from $360 and keeps an Outperform rating on the shares. The firm cut price targets across the semiconductor space citing multiple compression. Mizuho's meeting with SemiAnalysis President Doug O'Laughlin indicates memory is "key bottleneck" while aggregate DRAM demand is higher, the analyst tells investors in a research note.
• MU Mizuho lowered the firm's price target on Micron to $1,300 from $1,375 and keeps an Outperform rating on the shares. The firm cut price targets across the semiconductor space citing multiple compression. Mizuho's meeting with SemiAnalysis President Doug O'Laughlin indicates memory is "key bottleneck" while aggregate DRAM demand is higher, the analyst tells investors in a research note.

• ACAD Morgan Stanley raised the firm's price target on Acadia Pharmaceuticals to $28 from $27 and keeps an Equal Weight rating on the shares after the European Commission has granted marketing authorization for Daybu in neurobehavioral symptoms of Rett syndrome. Attention now shifts from approval risk to country-level pricing and reimbursement, the analyst tells investors.
• COTY Morgan Stanley raised the firm's price target on Coty to $2.75 from $2.50 and keeps an Equal Weight rating on the shares. Q4 beat expectations, but Q1 guidance was weaker than expected and the outlook remains "very uncertain," the analyst tells investors.

• NVDA Raymond James raised the firm's price target on Nvidia to $352 from $330 and keeps a Strong Buy rating on the shares. Nvidia's CPU business is gaining traction, with revenue expected to grow from roughly 3% of sales today to about 5% by CY28, making it the company's fastest-growing business segment despite remaining a single-digit share of revenue, the analyst tells investors in a research note.
• DY Raymond James added Dycom to the firm's Analyst Current Favorites list. The list contains the current favorite stock ideas from the firm's equity analysts. An analyst may only have one "buy" idea on the list at any given time. The firm believes there could be upside to Q2 earnings and guidance from stronger carrier construction activity and growing AI-driven fiber deployments and copper decommissioning, supported by rising internet traffic demand, the analyst tells investors in a research note. Raymond James has a Strong Buy rating and $610 price target on the shares.

• MRVL Rosenblatt analyst Sajal Dogra raised the firm's price target on Marvell to $300 from $240 and keeps a Buy rating on the shares following a transfer of coverage. The firm expects the company report "another beat-and-raise" quarter on Thursday, led by 25% sequential growth in optical interconnects. Rosenblatt does not expect Marvell to revise its previously stated fiscal 2028 and 2058 interconnect framework.

• EVGO Stifel lowered the firm's price target on EVgo to $6 from $7 and keeps a Buy rating on the shares after the company reported "mixed" Q2 results. The stock "has been bumpy," but EVgo is making progress, the analyst tells investors.

• IOVA TD Cowen raised the firm's price target on Iovance Biotherapeutics to $10 from $7 and keeps a Buy rating on the shares. The firm updated its Amtagvi sales estimates post Q2 EPS with Q3 and Q4 Amtagvi sales of $95MM and $99MM, respectively. This suggests 64% year over year Q3 and 54% year over year Q4 growth, relatively in-line with the 68% year over year Q2 growth, but note this may be conservative.
• ZTS TD Cowen analyst Steve Scala lowered the firm's price target on Zoetis to $94 from $104 and keeps a Buy rating on the shares. The firm reduced their near-term 2026/27 estimates, reflecting declining clinic visits for U.S. K9 derm and parasiticides, price pressure, and competition.

• NTNX UBS analyst Radi Sultan raised the firm's price target on Nutanix to $80 from $62 and keeps a Buy rating on the shares. Nutanix's demand outlook is improving, driven by stronger VMware migrations and pipeline growth, but elevated expectations for FY27 guidance and ongoing hardware availability/pricing constraints create a more cautious setup ahead of earnings, the analyst tells investors in a research note.
• BXP UBS analyst Michael Goldsmith raised the firm's price target on BXP to $70 from $61 and keeps a Neutral rating on the shares. BXP's Q2 results reinforced an accelerating earnings outlook, with strong leasing momentum, higher occupancy and improving pricing power driving a 5c increase in 2026 FFO guidance to $7.02 despite faster dispositions, the analyst tells investors in a research note.
• LULU UBS lowered the firm's price target on Lululemon to $120 from $124 and keeps a Neutral rating on the shares. Lululemon is likely to cut FY26 EPS guidance by about $1.25 to $9.70-$9.90 amid weak China and U.S. sales, with limited near-term catalysts but already-bearish sentiment potentially cushioning valuation downside, the analyst tells investors in a research note.
• RUSHA UBS raised the firm's price target on Rush Enterprises to $85 from $78 and keeps a Neutral rating on the shares. The quarter was broadly in line, with solid Q2 results driven by in-line CV sales and Parts & Service revenue, while better SG&A and lower interest and taxes offset weaker gross margin, the analyst tells investors in a research note.

• FIS Wells Fargo downgraded FIS to Equal Weight from Overweight with a price target of $46, down from $58. The company's recent execution challenges in capital markets raise questions about its multi-year growth potential, the analyst tells investors in a research note. Wells sees FIS's banking growth decelerating in the second half of 2026 against tougher compares, creating a lack of near-term catalysts for the shares. The stock "looks stuck for now," the firm contends.
• ESTC Wells Fargo raised the firm's price target on Elastic to $80 from $60 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the smid-cap software space as part of a Q2 earnings preview. Wells remains constructive on infrastructure software-as-a-service and favors Snowflake into earnings. However, the firm is "broadly more cautious" on the off-cycle earnings reporters citing tougher compares and elevated investor expectations. Recently improved software-as-a-service share performance and higher rates have "raised the bar for investors to hold names without an immediate catalyst," leaving Wells more cautious about post-earnings stock reactions, the analyst tells investors in a research note.
• MDB Wells Fargo analyst Ryan MacWilliams raised the firm's price target on MongoDB to $575 from $375 and keeps an Overweight rating on the shares. The firm adjusted targets in the smid-cap software space as part of a Q2 earnings preview. Wells remains constructive on infrastructure software-as-a-service and favors Snowflake into earnings. However, the firm is "broadly more cautious" on the off-cycle earnings reporters citing tougher compares and elevated investor expectations. Recently improved software-as-a-service share performance and higher rates have "raised the bar for investors to hold names without an immediate catalyst," leaving Wells more cautious about post-earnings stock reactions, the analyst tells investors in a research note.
• FIVN Wells Fargo raised the firm's price target on Five9 to $32 from $24 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the smid-cap software space as part of a Q2 earnings preview. Wells remains constructive on infrastructure software-as-a-service and favors Snowflake into earnings. However, the firm is "broadly more cautious" on the off-cycle earnings reporters citing tougher compares and elevated investor expectations. Recently improved software-as-a-service share performance and higher rates have "raised the bar for investors to hold names without an immediate catalyst," leaving Wells more cautious about post-earnings stock reactions, the analyst tells investors in a research note.
• GTLB Wells Fargo analyst Ryan MacWilliams raised the firm's price target on GitLab to $40 from $26 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the smid-cap software space as part of a Q2 earnings preview. Wells remains constructive on infrastructure software-as-a-service and favors Snowflake into earnings. However, the firm is "broadly more cautious" on the off-cycle earnings reporters citing tougher compares and elevated investor expectations. Recently improved software-as-a-service share performance and higher rates have "raised the bar for investors to hold names without an immediate catalyst," leaving Wells more cautious about post-earnings stock reactions, the analyst tells investors in a research note.
• RNG Wells Fargo raised the firm's price target on RingCentral to $65 from $43 and keeps an Equal Weight rating on the shares. The firm adjusted targets in the smid-cap software space as part of a Q2 earnings preview. Wells remains constructive on infrastructure software-as-a-service and favors Snowflake into earnings. However, the firm is "broadly more cautious" on the off-cycle earnings reporters citing tougher compares and elevated investor expectations. Recently improved software-as-a-service share performance and higher rates have "raised the bar for investors to hold names without an immediate catalyst," leaving Wells more cautious about post-earnings stock reactions, the analyst tells investors in a research note.

• PAY Wolfe Research downgraded Paymentus to Peer Perform from Outperform without a price target following the Q2 report. The firm remains constructive on the company's story and execution, citing valuation for the downgrade. Wolfe adjusted three ratings in the payments space following the Q2 prints.
• ACN Wolfe Research raised the firm's price target on Accenture to $215 from $165 and keeps an Outperform rating on the shares. The firm updated estimates, targets and ratings in the payments, consumer finance and IT services group following the Q2 reports. Results across the sector demonstrated healthy U.S. consumer spending and credit trends, the analyst tells investors in a research note.
• BILL Wolfe Research analyst Darrin Peller raised the firm's price target on Bill to $60 from $57 and keeps an Outperform rating on the shares. The firm updated estimates, targets and ratings in the payments, consumer finance and IT services group following the Q2 reports. Results across the sector demonstrated healthy U.S. consumer spending and credit trends, the analyst tells investors in a research note.
• MRNA Wolfe Research upgraded Moderna to Peer Perform from Underperform without a price target. The firm says the positive melanoma trial de-risks the intismeran platform. Wolfe now sees a "much clearer" regulatory path forward for Moderna and Merck (MRK) to get intismeran approved in adjuvant melanoma. It is fair that probabilities of success for intismeran's other near-registrational indications increase as a result, the analyst tells investors in a research note. The firm estimates unadjusted peak sales across the drug's four indications at $9.2B.
• MRK Wolfe Research analyst Alexandria Hammond raised the firm's price target on Merck to $180 from $155 and keeps an Outperform rating on the shares. The firm sees the positive melanoma data as "derisking" the platform in other tumors. With the Keytruda loss of exclusivity in 2029, Keytruda QLEX with intismeran should insulate some of the erosion, the analyst tells investors in a research note. Wolfe now has Merck's earnings relatively flat in 2028 and 2029, and growing consistently afterward.
• NFLX Wolfe Research raised the firm's price target on Netflix to $95 from $84 and keeps an Outperform rating on the shares. The firm believes the timing of new releases is to blame for the company's "soft" subscriber and engagement in Q2. As a result, Wolfe now expects stronger second half of 2026 results and solid 2027 guidance from Netflix. New seasons launching in Q3 had prior seasons generate 1.3B hours of viewing in the top 10 versus 765M of viewing hours in shows launched in Q2, the analyst tells investors in a research note.

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: PICS TUYA

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for June
• 9:00 AM ET                   CaseShiller 20-city index M/M for June
• 10:00 AM ET                 New Home Sales M/M for July
• 10:00 AM ET                 Consumer Confidence for August
• 10:00 AM ET                 Richmond Fed Index for August
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BOX ELMD HEI INTU JOYY NCNO NOAH QFIN SMTC STRT ZM

• Jefferies Semis, IT Hardware & Comm Tech Conference, 8/25-8/26 in Chicago, IL
• Piper 2026 Chicago Summer Trading Tour, 8/24-8/25 (virtual)
• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• 8:30 AM ET                   Personal Income M/M for July
• 8:30 AM ET                   Personal Spending M/M for July
• 8:30 AM ET PCE Price Index M/M for July
• 8:30 AM ET PCE Price Index Y/Y for July
• 8:30 AM ET                   Core PCE Price Index M/M for July
• 8:30 AM ET                   Core PCE Price Index Y/Y for July
• 8:30 AM ET                   Gross Domestic Product (GDP) for Q2, 2^nd estimate
• 8:30 AM ET GDP Consumer Spending for Q2, 2nd estimate
• 8:30 AM ET GDP Price deflator for Q2, 2nd estimate
• 8:30 AM ET PCE headline prices for Q2, 2nd estimate
• 8:30 AM ET                   Core PCE headline prices for Q2, 2nd estimate
• 10:00 AM ET                 Dallas Fed PCE for July
• 10:30 AM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A AVAT CRM CRWD HPQ LTRX NTNX NVDA OKTA OOMA P SNPS STDN URBN VEEV

• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Advance Goods Trade Balance for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET KC Fed Manufacturing for August
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ADSK AFRM BBAR ESTC FINV GAP IREN KTCC MRVL PD RBRK S ULTA WDAY

• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations, Aug-final
• 1:00 PM ET                    Baker Hughes Weekly rig count data