Early Look

Tuesday, June 23, 2026

Stock index futures were sharply down on Tuesday as technology shares came under pressure, extending weakness seen on Monday when the Nasdaq declined over -1.3%. U.S. equities finished mixed Monday as lower oil prices, improving Middle East diplomacy, and a more hawkish Federal Reserve competed for investor attention. The Dow and small caps advanced while the S&P 500 and Nasdaq ended lower, weighed down by weakness in mega-cap technology. The Russell 2000 Smallcap index closed above 3,000 for the first time ever. Treasury yields were higher, with the 10-year Treasury yield rising 5 bps at 4.51%, while the 2-year Treasury yield rose 5 basis points to 4.24% but are slipping this morning. Investors are awaiting fresh economic data, including the PMI Composite Flash and Richmond Fed Manufacturing Index, for clues on the health of the U.S. economy and the outlook for interest rates. The hawkish FOMC outlook from last week is starting to weigh on sentiment, while JP Morgan noted yesterday that Global hedge fund leverage sits near multi-year highs. JPMorgan estimates that quarter-end rebalancing could trigger a $165 billion stock selloff before June ends, raising the risk of sharp moves in crowded technology trades. While helping pare losses in the Nasdaq yesterday, semiconductors are looking sharply lower this morning.

US equity futures fell sharply on Tuesday as investors questioned the outlook for AI spending and returns. Nasdaq 100 futures dropped 2.5%, S&P 500 futures fell 1.3%, and Dow futures slipped 0.6%. AI giants, chipmakers, and SpaceX faced heavy selling as concerns grew over excessive infrastructure spending. Higher Treasury yields and pressure on financial firms added to the market’s cautious mood. Despite falling oil prices, interest rates continue to rise driven by real yields with traders now pricing two Fed hikes in 2026, and this is consistent with the late-cycle overheated economy. Negotiations between the U.S. and Iran were thrown into doubt on Sunday. However, the two countries eventually engaged in discussions, with the first day of talks ending in Switzerland. Both the U.S. and Iran have reportedly agreed to a plan to reach a deal within 60 days

In Asian markets, The Nikkei Index tumbled -2565 points or 3.55% to 59,788, the Shanghai Index dropped -56 points to 4,106, and the Hang Seng Index declined -432 points or 1.82% to 23,336. Technology weakness was felt across other markets as well, with South Korea's KOSPI down almost 10%. In Europe, the German DAX is down 1% or 261 points to 24,878, while the FTSE 100 slips -27 points to 10,410. Gold prices drop nearly 2%, as the U.S. dollar strengthened to a one-year high on market expectations of a more hawkish Federal Reserve, pressuring the non-yielding precious metal. Spot gold fell 1.8% to $4,116.07/ounce, having touched its lowest since June 11 at $4,090.27 earlier.

• The Dow Jones Industrial Average rose 148.01 points, or 0.29%, to 51,712.71
• The Nasdaq Composite tumbled -351.33 points, or 1.32%, to 26,166.60
• The Russell 2000 Index advanced 24.63 points, or 0.83% to 3,004.40

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, June-flash…est. 54.8
• 9:45 AM ET S&P Global Services PMI, June-flash…est. 51.0
• 9:45AM ET S&P Global Composite PMI, June-flash
• 10:00 AM ET                 Richmond Fed Index for June…prior 13
• 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: FDX KBH WOR

• Northland June Growth Virtual Conference, 6/23 (virtual)

• The UK manufacturing PMI eased to 53.1 in June 2026, a three-month low and below expectations of 53.8, compared with 53.9 in May, flash data showed. The S&P Global UK Services PMI fell to 48.7 in June 2026 from 49.3 in the prior month, missing market forecasts of 50.5. Composite PMI fell to 49.40 points in June from 49.70 points in May of 2026.
• Germany's private sector activity contracted at its fastest pace in 18 months ‌in June as the Composite Flash Purchasing Managers' Index for Germany, compiled by S&P ​Global, fell to 48.0 in June from 48.8 in May, below the expectations of analysts polled by Reuters that it would be at 49.6.
• Japan's manufacturing PMI rose to 54.9 in June 2026, above May's reading and market expectations of 54.5, preliminary estimates showed. The reading was close to April's 55.1, the strongest expansion since January 2022.

• Domino's Pizza (DPZ) named Joe Jordan as its new CEO effective October 1; Jordan, currently chief operating officer and president of Domino's U.S., will succeed Russell Weiner. Weiner will become DPZ's executive chairman after 2027 annual shareholder meeting.
• In May 2026 year-to-date, new EU Car registrations increased by 4%, indicating a strong start to the year amid a backdrop of persistent geopolitical headwinds weighing on the outlook.

• Primoris Services Corp (PRIM) shares tumble over -30% as announces Chief Operating Officer departure and said is anticipating lower revenue and gross profit for the full year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business; now sees FY revs in the Renewables business approximately $2.1B vs. around $3.0B in FY25; cuts 2026 net income outlook to $71M-$101M from $223M-$234M.
• SpaceX (SPCX) shares tumbled for a third consecutive session on Monday as investors reacted to the company's plans to enter the investment-grade bond market. The stock fell 16.4% to close at $154.60, its lowest level since debuting on the public market. The decline extended SpaceX's three-day slide to 23%, wiping out more than $600B in market value.
• TechnipFMC (FTI) awarded significant contract for greater Paj project offshore Angola; contract valued between $75M and $250M to be included in Q2 2026 inbound orders.
• Independent energy firm NatPower and ‌Tesla (TSLA) said they had reached ‌a deal to build 25 gigawatt hours of battery storage ​in Italy and Britain, the first phase of a project worth up to $5 billion.

• FirstCash Holdings, Inc. (FCFS) announced an agreement to acquire Ramsdens Holdings Plc, a U.K.-based pawn, retail and financial services operator, in an all-cash deal valuing the company at approximately £206M ($273M).

• MoonLake Immunotherapeutics (MLTX) proposed a public offering of $150M of Class A ordinary shares.
• uniQure (QURE) announced that it has commenced a $150M underwritten public offering of its ordinary shares

• South Korean chip giants SK Hynix and Samsung tumbled more than 12% each to drag the Kospi index down 10%, having finished Monday at a record high.
• In quantum compute, President Trump signed two quantum EOs: one targets a U.S. quantum computer for major scientific calculations plus quantum sensors/networks within 5 years; the other directs federal agencies to move to post-quantum cryptography by 2031 (watch shares of INFQ, RGTI, IONQ, QBTS, QMCO, QUBT).
• LiveRamp (RAMP) partnered with Adobe (ADBE) to integrate commerce purchase data into Adobe GenStudio for Commerce Media Networks. Integration aims to improve targeting campaigns inside commerce Media networks using purchase-based cohorts rather than modeled audiences.
• Qualcomm (QCOM) is in advanced talks to acquire Modular Inc. in a transaction valuing the artificial intelligence infrastructure software company at about $4B, according to Bloomberg News.

Mid-Morning Look

Tuesday, June 23, 2026

U.S. stock prices are tumbling on Tuesday, led by sharp declines in technology stocks as concerns about looming U.S. rate hikes and debt-backed corporate spending on AI weighed on investor sentiment. The weakness follows a sharp selloff in U.S. tech heavyweights in the previous session (GOOGL, META, MSFT, AMZN), driven by doubts over hyperscalers' heavy AI spending, amid elevated valuations and high borrowing costs. This morning, semiconductors are joining the sell off after hitting record highs recently. Overnight ORCL announced jobs cuts of 21K or 13% of workforce and is preparing to raise up to $50b in new capital to fund AI infrastructure (two concerns for Wall Street with job impact due to AI and more spending). Recent mega IPO SpaceX (SPCX) shares are now down 4 straight days as the stock price falls below its opening print of $150 (and down from last week highs around $229 – recall it priced 555M shares at $135). The space company became the latest megacap to tap the bond market following a blockbuster IPO earlier this month. Tech weakness overseas and renewed geopolitical uncertainty are also weighing on global risk sentiment, sending futures lower as investors rotate into defensive assets. South Korea's sharp equity selloff (Kospi fell -10% led by Samsung and SK Hynix declines) and continued questions surrounding the US-Iran framework have pushed the Nasdaq sharply lower while bonds and the Dollar catch safe-haven flows. The US dollar rises further, and Treasury yields remain elevated after last week’s FOMC meeting came across very hawkish with rising expectations of rate hikes.

• Software movers: another brutal day for the sector; ORCL shares fell after saying it plans to reduce its workforce by about 13%, or roughly 21,000 employees, in fiscal 2026 as part of a broad restructuring. Oracle is preparing to raise up to $50b in new capital to fund AI infrastructure, with more than half of its backlog estimated to be tied to OpenAI related commitments. ZETA shares bounced early after PLTR CEO said Zeta is using Ontology to build a “next generation marketing environment” that delivers the advantages of AI while protecting against many known risks.

• CAR +6%; said it reached a settlement agreement with Pentwater Capital Management to resolve its pending lawsuit seeking recovery of alleged short-swing profits under Section 16(b) of the Securities Exchange Act. Avis Budget Group is set to receive $650 million in a settlement agreement with Pentwater Capital Management
• IBM +4%; was upgraded from Neutral to Overweight at JP Morgan and raised tgt to $291 from $270 with greater confidence in a 2H26 CC software acceleration following a deeper look at IBMs software business. The company is about to lap tough comps from its recent z17 mainframe cycle, but this is well known and less relevant to long-term growth
• ZETA +9%; shares bounced early after PLTR CEO said Zeta is using Ontology to build a “next generation marketing environment” that delivers the advantages of AI while protecting against many known risks.

• CIEN -5%; seeing a pullback in optical stocks AAOI, GLW, LITE, COHR after outperforming Monday.
• ORCL -2%; plans to reduce its workforce by about 13%, or roughly 21,000 employees, in fiscal 2026 as part of a broad restructuring. Oracle is preparing to raise up to $50b in new capital to fund AI infrastructure, with more than half of its backlog estimated to be tied to OpenAI related commitments
• PRIM -36%; cut its full-year outlook, warning of Q2 headwinds in its renewables business, and said its chief operating officer left the company; now expects adjusted EPS between $2.05 and $2.60 vs the prior $4.80 to $5.00 range and expects lower revenue and gross profit for full-year in its renewables business; Cut in renewables business revenue estimate to $2.1 billion reflecting project delays, with the biggest earnings hit expected in Q2

Closing Recap

Monday, June 22, 2026

U.S. stocks opened higher before slumping and giving up early gains as a few factors potentially played on investor sentiment, keeping the S&P, and Nasdaq Comp lower. 1) Large cap tech was mixed as the same names leads each day such as semiconductors (SOX) being higher while larger cap tech (AMZN, GOOGL, META, MSFT) tumble along with consistent selling in software stocks, extending its gap with semi amid investors’ concerns about AI impact on the group (CRM fell a 14^th straight day). 2) Treasury yields jumped further, especially at short end (2-yr) while the 10-yr moved back above 4.5% after last week’s hawkish FOMC meeting and the dollar climbed. 3) a note that could have weighed on sentiment today included that Global hedge fund leverage sits near multi-year highs. JPMorgan estimates that quarter-end rebalancing could trigger a $165 billion stock selloff before June ends, raising the risk of sharp moves in crowded technology trades. 4) back to large cap tech/hyperscalers, latest AI related debt bond offerings from AMZN ($68B), GOOGL ($32B), META ($25B), NVDA ($25B) and ORCL $25B) adds to capex spending concerns hitting the names. Smallcaps had a good showing with the Russell 200 index hitting all-time highs along with gains in the Dow.

Oil prices retreated further and the Dow industrials advanced after Vice President JD Vance said Iran had agreed to allow nuclear inspectors back into the country, marking progress on an issue key to bringing the war to a permanent end. The news adds to earlier investor optimism around peace talks between the two countries, even though negotiations got off to a rocky start this weekend after Iran declared the Strait of Hormuz closed. In Iran news, the U.S. Treasury approved a temporary waiver allowing Iran to sell crude oil, petrochemicals, and Petroleum products in dollars through Aug. 21, 2026. The move Marks a major shift in sanctions policy as Washington and Tehran negotiate over the Strait of Hormuz, Nuclear inspections, and broader sanctions relief. The waiver could provide Iran greater access to foreign currency and oil revenues

Bank of America said it expects the Federal Reserve to raise interest rates three times this year, shifting from its prior view of no changes. The bank cites stronger economic data and a more hawkish Fed tone focused on inflation under new chair Kevin Warsh. Markets are pricing higher yields, though most investors still expect fewer hikes." Goldman Sachs lowered its 12-month U.S. recession probability to 15% from 25%, citing easing geopolitical risk after a peace agreement with Iran. The bank says lower energy prices and an improving labor market support the downgrade. The new estimate is also below its pre-war 20% recession view."

• U.S. Treasury yields climbed across the board, though interest-rate-sensitive 2-year yields jumped further, touching a 16-month high following a more hawkish Federal Reserve outlook last week and the prospect of rate hikes later this year. In an early sign of new Fed Chairman Kevin Warsh's influence, the Fed's statement last week was also stripped of any forward guidance on future rate moves and simply stated the rate decision and reaffirmed the Fed's commitment to maintaining "ample reserves in the banking system." Bank of America now expects three Fed rate hikes this year, reversing its prior forecast of no change. Fed funds futures traders are pricing in 73% odds of a rate hike by September. The 2-year note yield rose 3.6 bps to 4.215% and reached 4.236%, the highest since February 2025 and 10-yr tops 4.5%.
• August gold settles -$43.20/oz, or -1.02%, down at $4,202.70 while July silver settles -$0.74/oz, or -1.11%, at $65.58 an ounce as precious metals decline on a surging dollar and rising Treasury yields post FOMC meeting last week. WTI crude oil fell -$1.78 or 2.32% to settle at $74.82 per barrel, while new front month August WTI crude oil futures fell -$1.99 or 2.62% to settle at $73.86 per barrel.

• In Casino & Gaming: MLCO was downgraded to Equal Weight from Overweight at Morgan Stanley saying while Macau stocks "look cheap," estimate revisions remain negative, and despite Melco Resorts' inexpensive valuation, it sees negative estimate revisions continuing. The firm upgraded MGM China to OW and remain OW on Wynn Macau, reflecting strong EBITDA seen for 2Q, share gains, and high dividend yields. BYD was initiated Buy and $100 PT at Benchmark as the firm said they believe Boyd offers investors a compelling combination of durable regional Gaming cash flows, significant capital return potential, one of the largest Las Vegas locals’ portfolios in the public market, and multiple embedded growth opportunities.
• Leisure/media: DIS Toy Story 5 Opening: Disney/Pixar's Toy Story 5 opened to $160M domestically and $312M globally, making it the largest opening weekend of 2026, the biggest debut in franchise history, and the second-largest animated opening weekend ever behind only Incredibles 2. For IMAX, the film generated $18.4M globally, representing IMAX's fifth-largest global three-day opening weekend ever for an animated title. For movie theatres (AMC, CNK), Benchmark is raising their Q2 domestic box office forecast to +8% y/y growth from +5% following a stronger-than-expected opening from Toy Story 5.

• Alt Energy: in solar, ENPH entered a tax credit transfer agreement to sell up to $150M of advanced manufacturing production tax credits generated in 2026, per an SEC filing. NXT entered an agreement to buy Zimmermann PV-Steel Group for roughly 330 million euros, or about $378.6M, expanding its solar-technology portfolio with new products and geographies; FRVO, NVDA, and Pacific Northwest National Laboratory announced a partnership to develop EGS-Twin, an AI-powered digital twin platform for enhanced geothermal systems.
• Oil Equipment & Services: APA, COP, FANG, MGY, MTDR, PR, and SM all upgraded to Buy from Neutral at Roth Capital saying they think oil prices are close to a near-term bottom with a potential Iran ceasefire seeming tenuous. Roth doesn't see lasting damage to key Middle East oil infrastructure, and it expects more oil can start transiting the Strait of Hormuz, but it thinks this is priced in. All of these stocks have been down roughly 15-22% since the war started on February 28 and are well below 52-week highs. OVV was upgraded to Overweight and $180 PT at Wels Fargo saying with portfolio transformation now complete, OVV is shifting to delivery, supported by deep inventory & strong execution. The firm sees a more durable FCF profile not fully reflected in valuation, W/ shares trading at a discount to peers.

• DFTX said DT120, an experimental oral drug for major depressive disorder, met main goal in late-stage study; says patients showed 8.1-point greater improvement in depression scores vs placebo after six weeks; says benefit seen within one week and remained significant at 12 weeks.
• INCY said it settled dispute with U.S. government over Medicaid rebates tied to Opzelura, co's skin cream for inflammatory conditions; said authorities will not treat Opzelura as linked to blood disorder drug Jakafi, avoiding higher rebate payments; to record one-time, non-cash gain of about $246 mln in Q2 from reversing earlier charges.
• MLTX said a late-stage trial of its treatment for moderate-to-severe hidradenitis suppurativa showed consistent and further improvement in all clinical scores at 52 weeks, compared with an earlier readout at 16 weeks; said the data supports the treatment's, sonelokimab, potential best-in-class and best-in-disease profile.
• MRK said its experimental drug tulisokibart succeeded in a Phase 3 ulcerative colitis trial and that it would share the results with regulators. The company is testing the immunology drug in seven diseases.
• MRNA shares tumbled, snapping a six-day winning streak to become one of the worst-performing stocks in the S&P 500 after surging last week as an FDA committee unanimously voted that the benefits of Moderna's seasonal flu vaccine outweighed the risks in patients aged 50 and older. The rally began in earnest on June 11 after Moderna was cleared to launch a U.K. study of its mRNA-based vaccine for patients with Lynch Syndrome.
• RGNX WSJ said citing company that the FDA has agreed to reverse its rejection of Regenxbio's experimental Gene therapy for a rare and fatal brain disease. Regenxbio plans to refile its application seeking approval of its Navsunli Gene therapy in Q3, after it holds a formal meeting to resolve disputes with the FDA that is expected in July.
• TCRX announces positive initial data from cohort C of ongoing ALLOHA phase 1 study evaluating TSC-101 in patients with heme malignancies undergoing allogeneic hematopoietic cell transplantation.

• In Housing/Building Products: CRH agreed to acquire ACA in an all-cash deal valuing the infrastructure-related products provider at about $8.5 billion with CRH offering $150 per share for Arcosa, representing a 10.4% premium to Friday’s close. ZG shares fell to fresh 52-week lows while Benchmark Securities pushed back on the growing bear case around Zillow, arguing the current battle with Compass, MLSs, and Google is ultimately a fight over listings, while Zillow’s true advantage remains consumer demand and engagement. The firm believes investors are overstating the risk from MLS feed disputes and Google’s expanding real-estate search products, noting there is little evidence consumers are abandoning Zillow’s position as the primary starting point for home search
• Aerospace: SPCX said on Monday it launched an offering of senior unsecured notes and disclosed that it held about $100.8 billion in cash and cash equivalents as of June 19; shares tumbled more than 16% below $155 (still above $135 IPO pricing and opening IPO price of $150, but down from highs around $230 last week and weighed on space stocks ASTS, VOYG, PL, YSS). BWXT was upgraded to Buy from neutral at Seaport Global noting the co enjoyed a strong Q126 financial performance and 2026 guidance was raised for adjusted EBITDA, non-GAAP EPS and free cash flow.
• Defense sector: ONDS sees offering of 6.1M shares of common stock offered by selling stockholders, per filing this morning. Defense stocks LMT, NOC, GD, RTX dropped, hurt at least in part by a report that President Trump has asked prime contractors and Pentagon officials to the White House on Wednesday to discussion shortages of U.S. munitions. The meeting was first reported by the Wall Street Journal.

• Paper & Packaging: Wells Fargo noted Containerboard up $50/ton in June (+$100 YTD) on tight supply, elevated costs and slight demand uptick. Boxboard held flat, W/ URB leading on snug S/D and July +$60/ton hikes underway. Other grades mixed (SBS improving; CRB softer), limiting NT realization. Downstream box demand remains mixed, while containerboard supply has tightened meaningfully, with mill backlogs extending to 5-8 weeks from ~5 weeks last month. Wells says the update a positive for IP, PKG, and SW while GPK could lag on lack of price recognition.
• Metals & Mining: CLF was downgraded to Equal Weight from Overweight with a $12.50 price target, saying a supply-driven rally in U.S. steel prices is nearing its peak and that much of the benefit from elevated prices is already reflected in the stock price (notes shares had a ~50% rally since early April has left a more balanced risk-reward profile).

• Optical stocks (AAOI, LITE, CIEN, COHR, GLW) advanced after FundaAI argues investor concerns around new Chinese laser and optical-component capacity are misplaced, as the real value pool for LITE and COHR is shifting toward increasingly complex AI optical architectures rather than mature component manufacturing. The firm believes the industry is rapidly moving from 200G EMLs toward 400G EMLs, UHP lasers, InP PICs, coherent-lite, and CPO/NPO platforms, creating a technology roadmap that favors incumbents with deep customer relationships, qualification history, and system-level co-design capabilities.
• Software movers: CRM shares declined for a 14^th consecutive day as the Dow component tumbles in broad software pullback; PLTR shares hit 52-week lows along with ADSK, BILI, INTU, KC, GWRE, SAP, PEGA, and IGV fell for the 13^th time in last 14 trading days. RBLX shares tumbled after Citigroup noted during the week of June 15th to June 21st, Roblox tracking platform RoMonitor showed a 5% decline in concurrent users (CCUs) year-over-year. “Based on historical averages, we believe quarter-to-date CCU trends are consistent with Q2 2026 bookings of $1.57B. This is slightly below the midpoint of the company’s guidance and a tad below the consensus of $1.60B.
• Online/Internet sector: AMZN is holding its Prime Day sales event this week; GETY shares jumped after announcing a display partnership with OpenAI. The agreement will integrate Getty Images licensed visual content into ChatGPT search and discovery tools, helping power richer visual experiences for users.
• Hardware & Components: DELL rolled out the PowerEdge XE8812 featuring NVDA Vera Rubin NVL4 architecture as part of its AI Factory push for heavy AI and HPC workloads; delivers up to 144 GPUs per rack.

• ASML denies selling EUV chipmaking tool to China after report of US concern (out late Thursday)
• MU signed a strategic agreement with Anthropic covering AI memory/storage architecture design, multi-year supply, Claude enterprise adoption, and an investment in Anthropic’s Series H round. Micron will supply data center memory and storage products, including HBM, DRAM and SSDs.
• NVDA launched Halos for Robotics, a full-stack safety system for robotics and physical AI. Agility is the first company integrating parts of Halos into its safety architecture for Digit, its humanoid robot used in logistics, manufacturing and warehouses.
• SMCI delivers NVDA’s Vera Rubin NVL4 end-to-end DCBBS blueprint with native FP64 performance for converged HPC and AI Infrastructure; was also upgraded to Buy from Hold at GF Securities with $48 tgt.
• TER announced a strategic collaboration with Vention to speed up deployment of modular automation work cells built around Universal Robots cobots and Vention's MachineBuilder software.

Street Recommendations

Tuesday, June 23, 2026

• D Barclays analyst Nicholas Campanella lowered the firm's price target on Dominion to $69 from $70 and keeps an Overweight rating on the shares as part of a Q2 earnings preview. The firm expects merger applications to be filed ahead of the Q2 call, with a focus turning to regulatory execution.
• SUN Barclays raised the firm's price target on Sunoco LP to $75 from $73 and keeps an Overweight rating on the shares. The firm adjusted estimates in the midstream and refining space to reflect updated commodity prices.
• TRGP Barclays raised the firm's price target on Targa Resources to $270 from $262 and keeps an Overweight rating on the shares. The firm adjusted estimates in the midstream and refining space to reflect updated commodity prices.
• GWW Barclays analyst Guy Hardwick lowered the firm's price target on Grainger to $1,166 from $1,171 and keeps an Underweight rating on the shares. The firm updated estimates in the industrial technology group as Q2 nears a close.
• ZBRA Barclays raised the firm's price target on Zebra Technologies to $346 from $345 and keeps an Overweight rating on the shares. The firm updated estimates in the industrial technology group as Q2 nears a close.

• LCII Benchmark lowered the firm's price target on LCI Industries to $125 from $150 and keeps a Buy rating on the shares. The firm is updating estimates for the RV industry after having a check-in with multiple names during peak season, stating that affordability and sentiment are weighing on volumes.

• MU BofA raised the firm's price target on Micron to $1,500 from $950 and keeps a Buy rating on the shares. The firm updated its semis industry models and price objectives to conform to the updated industry estimates, raising its calendar year 2030 total semis industry addressable market forecast to $2.7T from $2.3T, led mostly by growth in memory and data center, and also incrementally by recovery in auto and industrial markets.
• TER BofA analyst Vivek Arya raised the firm's price target on Teradyne to $525 from $365 and keeps a Buy rating on the shares. The firm updated its semis industry models and price objectives to conform to the updated industry estimates, raising its calendar year 2030 total semis industry addressable market forecast to $2.7T from $2.3T, led mostly by growth in memory and data center, and also incrementally by recovery in auto and industrial markets.
• TSHA BofA raised the firm's price target on Taysha Gene Therapies to $10 from $9 and keeps a Buy rating on the shares after the company reported an update for the Part A REVEAL study assessing TSHA-102 in Rett syndrome. The firm thinks the data continues to support TSHA-102's position as "the potential first-to-market disease modifying therapy in Rett syndrome," the analyst tells investors.
• CVS BofA raised the firm's price target on CVS Health to $110 from $100 and keeps a Buy rating on the shares after the company announced that it is expanding its GLP-1 support programs across its 9,000 pharmacy locations, MinuteClinic, and its virtual platform. The firm, which view yesterday's news favorably as it can help drive volume to CVS' virtual assets and MinuteClinic, raised its price objective to reflect both the recent multiple expansion among peers and this news.

• DPZ BTIG analyst Peter Saleh lowered the firm's price target on Domino's Pizza to $425 from $450 and keeps a Buy rating on the shares. The firm is citing the company's announcement of a retirement for CEO Russel Wiener, stating that it is disappointed to hear of the retirement given the success achieved during his 10-year role in turning around the US business and his relatively short 10-year tenure as CEO at just over 4 years, the analyst tells investors in a research note.

• NXPI Citi raised the firm's price target on NXP Semiconductors to $370 from $270 and keeps a Buy rating on the shares. The firm cites June analog price increases and its belief that AI data center buildouts will "extend the analog upturn" for the target boost.

• NKE Evercore ISI analyst Michael Binetti downgraded Nike to In Line from Outperform with a price target of $46, down from $57. About two years into the turnaround, the firm's checks are still picking up unexpected new resets lower in the wholesale channel, "minimal needle-moving innovation" in the pipeline into calendar 2027, and near-term execution issues, including World Cup delivery issues, the analyst tells investors. With parts of the core business still weakening, resulting in more cancellations/order cuts than the firm thinks Nike anticipated when it gave preliminary guidance for the first half, the firm sees rising probability that Nike will have to signal consensus lower again in the near-term to avoid potential for "a far worse scenario" where it would have to lower the full FY27 outlook at the Fall 2026 analyst day.
• DRI Evercore ISI analyst David Palmer downgraded Darden to In Line from Outperform with an unchanged price target of $230. While telling investors "there is nothing fundamentally wrong with Darden," the analyst notes that the downgrade reflects what the firm believes could be limited EPS upside and its view of a more balanced risk/reward. The firm will be watching over the next year for Olive Garden to initiate traffic drivers such as value marketing, protein-centric limited-time offers, and small portion menu options as same-store sales trends have slowed, the analyst added.
• PR Evercore ISI initiated coverage of Permian Resources with an Outperform rating and $25 price target. Permian "sits squarely at the intersection of the two themes the market will actually start paying for" in U.S. shale, namely low-breakeven inventory capable of compounding free cash flow per share and disciplined consolidation of core Permian acreage, the analyst tells investors. With security of supply back at the center of the energy debate after the Iran conflict and a renewed call on U.S. shale to meet it, the market "needs assets of exactly this nature," the analyst added.

• KNX Goldman Sachs raised the firm's price target on Knight-Swift to $86 from $65 and keeps a Buy rating on the shares. The outlook for LTL and truckload stocks has been raised through 2028, with higher upside scenarios reflecting the possibility of a stronger freight recovery cycle, and despite sharp recent share gains, continued early-cycle momentum and the start of earnings upgrades support staying constructive on the sector if demand rebounds faster than expected, the analyst tells investors in a research note.
• ARCB Goldman Sachs analyst Jordan Alliger raised the firm's price target on ArcBest to $165 from $117 and keeps a Buy rating on the shares. The outlook for LTL and truckload stocks has been raised through 2028, with higher upside scenarios reflecting the possibility of a stronger freight recovery cycle, and despite sharp recent share gains, continued early-cycle momentum and the start of earnings upgrades support staying constructive on the sector if demand rebounds faster than expected, the analyst tells investors in a research note.
• SAIA Goldman Sachs raised the firm's price target on Saia to $494 from $441 and keeps a Buy rating on the shares. The outlook for LTL and truckload stocks has been raised through 2028, with higher upside scenarios reflecting the possibility of a stronger freight recovery cycle, and despite sharp recent share gains, continued early-cycle momentum and the start of earnings upgrades support staying constructive on the sector if demand rebounds faster than expected, the analyst tells investors in a research note.
• WERN Goldman Sachs raised the firm's price target on Werner to $48 from $43 and keeps a Buy rating on the shares. The outlook for LTL and truckload stocks has been raised through 2028, with higher upside scenarios reflecting the possibility of a stronger freight recovery cycle, and despite sharp recent share gains, continued early-cycle momentum and the start of earnings upgrades support staying constructive on the sector if demand rebounds faster than expected, the analyst tells investors in a research note.
• ODFL Goldman Sachs raised the firm's price target on Old Dominion to $235 from $209 and keeps a Buy rating on the shares. The outlook for LTL and truckload stocks has been raised through 2028, with higher upside scenarios reflecting the possibility of a stronger freight recovery cycle, and despite sharp recent share gains, continued early-cycle momentum and the start of earnings upgrades support staying constructive on the sector if demand rebounds faster than expected, the analyst tells investors in a research note.
• TFII Goldman Sachs raised the firm's price target on TFI International to $168 from $145 and keeps a Buy rating on the shares. The outlook for LTL and truckload stocks has been raised through 2028, with higher upside scenarios reflecting the possibility of a stronger freight recovery cycle, and despite sharp recent share gains, continued early-cycle momentum and the start of earnings upgrades support staying constructive on the sector if demand rebounds faster than expected, the analyst tells investors in a research note.

• AMZN JPMorgan says the firm's analysis of Amazon Prime suggests potential value to members of more than 10-times the annual cost in the U.S. An unbundling of Prime's components indicates an estimated value of $1,440 per year, 10-times the $139 annual cost in the U.S., the analyst tells investors in a research note. JPMorgan believes Amazon is well positioned in an agentic commerce landscape. The Middle East war, geopolitical conflict, and higher gas prices may have pushed a Prime price increase into 2027 from 2026, adds the firm. Amazon remains a best idea at JPMorgan with an Overweight rating and $330 price target. The stock in premarket trading is down $2.09 to $230.70.
• CAR JPMorgan raised the firm's price target on Avis Budget to $170 from $155 and keeps an Underweight rating on the shares. The firm says the short-swing profit recovery from Pentwater "provides optionality" for Avis.
• TYL JPMorgan analyst Alexei Gogolev lowered the firm's price target on Tyler Technologies to $525 from $650 and keeps an Overweight rating on the shares. The firm updated the company's model with a focus on it cloud migration runway and free cash flow durability.

• PRIM Mizuho analyst Maheep Mandloi lowered the firm's price target on Primoris to $117 from $135 and keeps an Outperform rating on the shares. The problems impacting the company's renewable segment last quarter are again the driving factor behind management's 2026 guidance cut, the analyst tells investors in a research note. However, the firm believes Primoris' "strong" bookings and favorable macro drivers for non-renewables should help support revenue growth in 2027 and beyond.
• XEL Mizuho lowered the firm's price target on Xcel Energy to $91 from $94 and keeps an Outperform rating on the shares. The firm says Xcel "remains a dislocated stock despite continued execution in the regulatory environment." The company settled its Colorado electric, New Mexico electric, and Minnesota gas rate cases, and received a verbal order last Thursday for its Minnesota electric rate case, the analyst tells investors in a research note. Mizuho believes "regulatory de-risking" and the wildfire season ending in August position Xcel shares for a re-rating.

• CDW Morgan Stanley analyst Erik Woodring upgraded CDW to Overweight from Equal Weight with a price target of $170, up from $142. The firm says enterprise server demand is "proving far more inelastic than expected" due to compute shortages, refresh activity, and growing AI-related infrastructure. Morgan Stanley views CDW as one of the most attractive ways to play server demand upside. CDW has been the "clear laggard of the group," but the "IT disruption": thesis is overstated and positive estimate revisions should return in the second half of 2026, contends the firm.
• DELL Morgan Stanley raised the firm's price target on Dell Technologies (DELL) to $477 from $448 and keeps an Equal Weight rating on the shares. Dell and HPE (HPE) earnings illustrate how enterprise server demand is proving far more inelastic than expected despite significant price increases given compute shortages, refresh activity, and growing AI-related infrastructure needs, the analyst tells investors. Street estimates for 2026 and 2027 "look too low," adds the analyst, who is raising EPS estimates 5%-6% for compute exposed names.
• SNX Morgan Stanley analyst Erik Woodring raised the firm's price target on TD Synnex to $341 from $271 and keeps an Overweight rating on the shares. Dell (DELL) and HPE (HPE) earnings illustrate how enterprise server demand is proving far more inelastic than expected despite significant price increases given compute shortages, refresh activity, and growing AI-related infrastructure needs, the analyst tells investors. Street estimates for 2026 and 2027 "look too low," adds the analyst, who is raising EPS estimates 5%-6% for compute exposed names.
• CTSH Morgan Stanley lowered the firm's price target on Cognizant to $44 from $63 and keeps an Equal Weight rating on the shares. The firm believes demand conditions are "stable-to-slightly worse," especially for booking larger managed services deals, and it sees downside risk to the Street's expected second half ramp given no demand acceleration through mid-June, the analyst tells investors.
• MSGE Morgan Stanley raised the firm's price target on MSG Entertainment to $80 from $70 and keeps an Equal Weight rating on the shares. Growth at MSG Entertainment has exceeded the firm's expectations in FY26, led by a concert recovery and the Christmas Spectacular, but it sees high-single digit adjusted operating income growth through FY29 as "appropriately captured in current valuation," the analyst tells investors.
• CELH Morgan Stanley lowered the firm's price target on Celsius to $48 from $55 and keeps an Overweight rating on the shares. The firm is lowering its Q2, FY26 and FY27 estimates, driven mainly by continued brand Celsius weakness in scanner data, but sees a favorable risk/reward from here despite limited short-term visibility, the analyst tells investors.
• KMX Morgan Stanley raised the firm's price target on CarMax to $44 from $35 and keeps an Equal Weight rating on the shares. The firm revised up its estimates after a "strong" Q1, though still expects earnings growth to lag as the company reinvests in ensuring sustainable growth, the analyst tells investors.

• WGS Piper Sandler analyst David Westenberg raised the firm's price target on GeneDx to $63 from $50 and keeps an Overweight rating on the shares. Carelon's new outpatient genome coverage policy is a structural positive for GeneDx, reducing reimbursement uncertainty and supporting a shift toward genome sequencing that could add about $100 in ASP by the second half of 2027, despite near-term revenue pressure and a Q1 shortfall linked to the transition, the analyst tells investors in a research note.

• GEHC RBC Capital initiated coverage of GE HealthCare with an Outperform rating and $80 price target. The firm sees an attractive risk/reward at current share levels. The company's increased research and development investments and commercial execution post its 2023 spin from General Electric is driving order momentum, the analyst tells investors in a research note. RBC believes GE HealthCare's "strong backlog" positions it for accelerated growth starting later in 2026.
• CNC RBC Capital analyst Ben Hendrix initiated coverage of Centene with a Sector Perform rating and $70 price target. The company enters 2026 with "clear early evidence of recovery" and the firm expects Centene's Medicaid margin recovery to continue as rates catch up to medical cost trends, the analyst tells investors. However, while encouraged by Marketplace margin expectations and seeing tangible upside to 2026 EPS guidance if risk adjustment receivables hold, the analyst believes the stock is "appropriately priced" with shares up nearly 100% since the end of March, the analyst added.

• MSGS Susquehanna raised the firm's price target on MSG Sports to $430 from $429 and keeps a Positive rating on the shares. The firm said they think the company's need for external capital (to both fund operations going forward pro-forma for tax headwind and to de-lever) comes at an opportune time after the Knicks' championship and they estimate that is likely. However, they reduced their estimates as a result of 1 less game in the finals versus their original estimate of 3.

• NKTX TD Cowen initiated coverage of Nkarta with a Buy rating and no price target. Nkarta is focused on the development of engineered natural killer cell therapies, the analyst tells investors in a research note. The firm says the company's lead candidate NKX019 is a CD19 CAR NK in two Phase I trials in a range of autoimmune diseases where it has the potential to meaningfully advance the standard of care. TD expects Nkarta to create "much long-term shareholder value" as NKX019 advances through clinical development.
• TECH TD Cowen analyst Kyle Boucher names Bio-Techne a best smid-cap idea in 2026 while keeping a Buy rating on the shares with a $65 price target. TD views the company as "one of the most underappreciated names" in its coverage following the stock's 4% selloff year-to-date. It sees a better setup heading into fiscal 2027 for Bio-Techne, driven by improving end markets.

• CHPT UBS raised the firm's price target on ChargePoint to $8 from $7 and keeps a Neutral rating on the shares. UBS sees improving cost discipline and believes that expected double-digit revenue growth beyond FY27 could support a more balanced risk-reward, the analyst tells investors in a research note.
• TPR UBS analyst Jay Sole raised the firm's price target on Tapestry to $230 from $187 and keeps a Buy rating on the shares. Tapestry is expected to deliver strong long-term growth, driven by brand strength, marketing scale, and AI capabilities that could improve decision-making across the business, the analyst tells investors in a research note. UBS argues that the market is overly focused on near-term fashion cycles and underappreciating the longer-term AI-driven upside.

• CAT Wells Fargo raised the firm's price target on Caterpillar to $1,155 from $1,050 and keeps an Overweight rating on the shares. The firm's data center and oil & gas checks indicate Caterpillar prime reciprocating engines and Solar Turbines lead times are into 2029, while U.S. non-residential construction recovery is set to accelerate ahead of expectations, the analyst tells investors in a research note.
• PRIM Wells Fargo analyst Jerry Revich lowered the firm's price target on Primoris to $85 from $118 and keeps an Equal Weight rating on the shares. The firm entered Q2 concerned with further losses on four projects and continues to see risk of higher project losses in the second half, the analyst tells investors in a research note.
• BBWI Wells Fargo raised the firm's price target on Bath & Body Works to $26 from $25 and keeps an Overweight rating on the shares. Although bearish investors remain focused on low-single-digit core growth and limited visibility into future innovation, near-term channel checks suggest new product launches and innovation arriving in July could quickly improve sentiment and change the narrative, the analyst says in a research note.

• TGT Wolfe Research analyst Spencer Hanus upgraded Target to Outperform from Peer Perform with a $162 price target. The analyst also named the stock a top pick into year-end. Target is seeing improved execution as the new management team shakes up the status quo, the analyst tells investors in a research note. Wolfe sees a 3-to-1 skew in the shares, with upside to $160 and downside risk to $120. Target's summer store resets are accelerating and it is becoming a "destination once again," contends Wolfe. It believes the company's "future is increasingly compelling" with mid-$9 earnings per share possible in 2027.
• HD Wolfe Research downgraded Home Depot (HD) to Peer Perform from Outperform without a price target. The firm believes the stock "remains in limbo" as the lock-in effect and a strategy shift towards the large pro segment raise questions about Home Depot's earnings power. While a bull case is emerging around the mid-term elections focusing more on housing affordability, real legislative action that could unlock the market would be a mid-2027 event at the earliest, the analyst tells investors in a research note. Wolfe questions where interest rates will settle and how much over-earning there was at Home Depot following years of lower rates serving as a tailwind. It continues to prefer shares of Lowe's (LOW).

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: none

• Needham Boston Biotech Bus Tour, 6/22-6/23, in Boston, MA

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, June-flash
• 9:45 AM ET S&P Global Services PMI, June-flash
• 9:45AM ET S&P Global Composite PMI, June-flash
• 10:00 AM ET                 Richmond Fed Index for June
• 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: FDX KBH WOR

• Northland June Growth Virtual Conference, 6/23 (virtual)

• 8:30 AM ET                   Current Account Balance for Q1
• 10:00 AM ET                 New Home Sales M/M for May
• 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: FUL MLKN MU TCOM WS

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Gross Domestic Product (GDP) Q1 final
• 8:30 AM ET GDP Price Deflator for Q1-final
• 8:30 AM ET GDP Consumer Spending for Q1-final
• 8:30 AM ET PCE Prices Q1-final
• 8:30 AM ET                   Core PCE Prices Q1-final
• 8:30 AM ET                   Personal Income M/M for May
• 8:30 AM ET                   Personal Spending M/M for May
• 8:30 AM ET PCE Price Index M/M for May
• 8:30 AM ET PCE Price Index Y/Y for May
• 8:30 AM ET                   Core PCE Price Index M/M for May
• 8:30 AM ET                   Core PCE Price Index Y/Y for May
• 8:30 AM ET                   Durable Goods Orders for May
• 8:30 AM ET                   Durable Goods Orders Ex-Transports for May
• 10:00 AM ET                 Dallas Fed PCE for May
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for June
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: AOUT CGEH FDXF

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

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