Early Look

Thursday, August 6, 2026

U.S. stocks slipped on Wednesday after surging the first two days of the week but are mixed overnight as weakness in technology stocks weighs on the Nasdaq, while the Dow Jones Industrial Average and the S&P 500 index look to new all-time highs. In stock news last night, memory stocks and software names both trading lower as weaker results from HUBS, FIG weigh on the software complex this morning, while memory stocks slide despite beat and raise quarters from SNDK, WDC last night. Stocks come under pressure after massive YTD rallies, with SanDisk up about 469% and WDC up about 201%, versus a 13.4% gain in the Nasdaq. Oil prices are higher, Treasury yields mixed and precious metals add to yesterday stellar gains while in geopolitical news, Iran said that it reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, as investors continued to monitor developments in the Middle East. Wall Street indexes were a mixed bag at the end of Wednesday's session with the Nasdaq composite falling after four straight days. The Dow boasted its third straight closing record while the S&P 500 closed below its Tuesday record. Among the S&P 500's 11 major sectors, six advanced with materials adding 1.5% and leading gains. In Asian markets, The Nikkei Index declined -617 points to 65,683, the Shanghai Index rose 21 points to 3,900, and the Hang Seng Index dropped -385 points to 25,530. In Europe, the German DAX is up 62 points to 26,189, while the FTSE 100 is up 32 points to 10,920. JPMorgan CEO Jamie Dimon, in an interview with CNBC, cautioned that leverage across financial markets remains unusually high, arguing that investors may be underestimating risks tied to borrowing outside traditional margin accounts. One last monster barrage of earnings today and tomorrow before the bulk of quarterly results are behind us.

• The Dow Jones Industrial Average rose 263.24 points, or 0.49%, to 54,349.12
• The Nasdaq Composite stumbled -221.55 points, or 0.83%, to 26,363.44
• The Russell 2000 Index declined 17.79 points, or 0.59% to 3,019.19

• 8:30 AM ET                   Continuing Claims…est. 1.79M
• 8:30 AM ET                   Nonfarm productivity for Q2…est. +0.6%
• 8:30 AM ET                   Unit Labor Costs for Q2…est. +2.1%
• 10:00 AM ET                 Wholesale Inventory M/M for June…est. +0.3%
• 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

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -1% vs -11.1% last week. Bulls rose to 37% from 31.1%, Neutrals fall to 25% from 26.9%, Bears fall to 38% from 42.1%

• DoorDash (DASH) Q2 adj EPS $0.46 vs. est. $0.47; Q2 revs $4.45B vs. est. $4.34B; Q2 net income $200m vs. est. $210M; Q2 Ebitda $914M vs. est. $842M; Q2 Total Orders rose 27% y/y to 970M, and Marketplace GOV increased 36% y/y to $33.1B; sees Q3 marketplace GOV $33B-$34B and sees Q3 adj EBITDA of $950M-$1.1B
• Duolingo (DUOL) Q2 EPS $0.66 vs. est. $0.62; Q2 revs $298.5M vs. est. $295.5M; Reports 58.7M daily active users in Q2 and reports 12.7M paid subscribers at period end; sees Q3 revenue $302M (est. $304.05M) as sees Q3 y/y revenue growth of 11.1% and sees Q3 adjusted EBITDA of $76M
• Dutch Bros (BROS) Q2 EPS $0.33 vs. est. $0.30; Q2 revs $550.9M vs. est. $525.3M; reported 8.3% company-operated and 5.8% systemwide same shop sales growth; raises 2026 total revenue outlook to $2.1B-$2.13B and now sees 2026 same shop sales growth of 5%-6%; guides 2026 adjusted EBITDA of $385M-$390M.
• eBay Inc. (EBAY) Q2 adj EPS $1.60 vs. est. $1.51; Q2 revs $3.1B vs. est. $3.018B; Q2 a adj net income $727M vs. est. $682.7M; sees Q3 adjusted EPS $1.36-$1.42 below consensus $1.44 but revs $3.07B-$3.12B, above consensus $2.99B; sees Q3 GMV $22B-$22.4B.
• e.l.f. Beauty (ELF) Q1 sales rose 36% y/y to $479.37M vs. est. $429.5M (Rhode added $160M in sales); strength of Rhode, the skincare and cosmetics brand founded by Hailey Bieber, is helping to offset sluggish sales for e.l.f.'s namesake brand; raises FY adj EPS to $3.50-$3.55, from its prior $3.27-$3.32 view and sales seen up to $1.94B-$1.97B from prior $1.84B-$1.87B.
• Etsy Inc.(ETSY) Q2 revs $668M vs. est. $649.1M; authorized new $2B share buyback program; lays off 12% of workforce as part of restructuring plan; said active buyers improved in Q2 to about 87 million for trailing 12 months; Q2 GMS per active buyer increased to $124 on trailing 12-mo basis; had 5.7M Active Sellers in 2Q.
• Expedia (EXPE) Q2 adj EPS $5.76 vs. est. $5.25; Q2 revs $4.32B vs. est. $4.17B; sees Q3 revenue $4.65B-$4.75B, vs. consensus $4.66B; sees Q3 adjusted EBITDA $1.51B-$1.56B; raises FY26 revenue view to $16.05B-$16.22B from prior $15.6B-$16B and ups FY26 gross bookings view to $129.5B-$130.8B from $127B-$129B
• MercadoLibre (MELI) Q2 EPS $9.19 vs. est. $8.75 and revs roe 50% y/y to $10.17B vs. est. est $9.66B; reported a net income of $466M for Q2, compared to $433M expected; Q2 EBIT fell -17% y/y to $683M but above est. $658M; Total volume processed in the acquiring business rose 42% y/y on an forex-neutral basis.
• Zillow Inc. (ZG) Q2 adj EPS $0.52 vs. est. $0.45; Q2 revs $772M vs. est. $758.3M; expanded Jeremy Hofmann's role, appointing him as chief operating officer in addition to his existing role as CFO; says 2Q purchase Mortgage Origination volume for industry was about flat y/y.

• Fluence Energy (FLNC) shares tumble as Q2 EPS adj loss (-$0.24) vs. est. $0.02; Q2 revs $600.1M broadly misses $848M estimate; Q2 net loss widens to $44.28M; cuts FY26 revenue view to $2.9B-$3.1B from $3.2B-$3.6B (below consensus is $3.35B) and said now expects that $400.0M in project deliveries will be delayed into fiscal 2027 due to production issues at a new international contract manufacturing facility.
• Murphy USA (MUSA) Q2 EPS $11.27 vs. est. $9.81; revenue $6.81B vs est $6.02B; adj. EBITDA $377.3Mm vs. est. $337.7Mm, beat by $39.6Mm; assuming H2 fuel margins of 35 cents per gallon, FY net Income is expected to be about $636Mm and FY adj. EBITDA about $1.25B vs est $1.209B.
• NuScale Power (SMR) Q2 EPS ($0.13) vs. est. ($0.13), inline; revenue $0.075Mm vs. est. $8.91Mm, miss by $8.84Mm.
• Occidental Petroleum (OXY) Q2 adj. EPS $2.40 vs. est. $1.85, beat by $0.55; revenue and other Income $8.33B vs. est. $7.06B, beat by $1.27B; global production 1,433 Mboe/d, above the high end of guidance; Q3 total oil and gas production guidance 1,400-1,440 Mboe/d; Q3 Permian production guidance 795-815 Mboe/d; FY total oil and gas production guidance 1,423-1,453 Mboe/d; FY Permian production guidance 801-817 Mboe/d; FY net CAPEX guidance $5.5B-$5.9B; expects more than $1.2B of 2026 free-cash-flow improvement excluding higher oil-price effects.
• Solaris Energy (SEI) Q2 adj. EPS $0.39 vs. est. $0.34, beat by $0.05; revenue $219.4Mm vs. est. $205.4Mm, beat by $14.0Mm; adj. EBITDA $108Mm vs est $86.94Mm; Q3 adj. EBITDA guidance $90Mm-$105Mm vs est $88.17Mm; power-contract scope and business capabilities expanded.
• Sunrun (RUN) Q2 EPS $0.42 vs. est. $0.24; Q2 revs rise 53% y/y to $870M vs. est. $747M; Q2 net income drops -58.8% to $115.2M; Q2 operating expenses $835M; Subscriber additions totaled nearly 21,000; storage attachment reached a record 74%, translating to more than 15,500 battery systems installed; Affiliate volumes fell 30% versus Q1, down more than 70% y/y.
• Talen Energy (TLN) Q2 adj. EBITDA $374Mm vs est $338.76Mm; adj. free cash flow $212Mm; Generation hedged 85% for 2026, 70% for 2027, and 30% for 2028; FY adj. EBITDA guidance $2.025B-$2.225B vs. prior $1.750B-$2.050B and est $2.097B; FY adj. free cash flow guidance $1.200B-$1.350B vs. prior $980Mm-$1.180B; 2027 and 2028 outlooks increased.

• Block inc. (XYZ) Q2 adj EPS $1.02 vs. est. $0.87; Q2 revs $6.62B vs. est. $6.48B; said Q2 Square U.S. GPV growth accelerated to 10%, the strongest growth rate since Q2’23; Adjusted operating income rose to $864M vs. $550M y/y; now expect $12.51B in gross profit, up 21% y/y, and adj Operating Income of $3.47B, or 28% margin, growing 67% y/y.
• Chyme (CHYM) Q2 EPS $0.07 vs. est. $0.00; revenue $669.8Mm vs. est. $640.4Mm, beat by $29.4Mm, +27% YoY; gross profit $594.9Mm; adj. EBITDA $102Mm vs est $75.47Mm; active members 10.4MM, +20% YoY; average revenue per active member $260; Q3 revenue guidance $680Mm-$690Mm vs. est. $668.1Mm; Q3 adj. EBITDA guidance $105Mm-$110Mm vs est $98.28Mm; FY revenue guidance $2.725B-$2.745B vs. prior $2.660B-$2.690B; cut workforce about 10% and estimated Q3 restructuring cash charges of $16Mm-$20Mm
• Dave Inc. (DAVE) Q2 adj. EPS $4.12 vs. est. $3.69, beat by $0.43; revenue $170.8Mm vs. est. $171.1Mm, miss by $0.3Mm; adj. EBITDA $75.5Mm vs est $71.07Mm; new members 951,000, +32% YoY; FY revenue guidance $725Mm-$735Mm vs. prior $710Mm-$720Mm and est $713.92Mm; FY adj. EBITDA guidance $315Mm-$325Mm vs. prior $305Mm-$315Mm and est $308.76Mm; FY adj. EPS guidance $17.00-$17.50 vs. prior $16.25-$16.75 and est $16.06Mm.
• MetLife (MET) announces new $3B share repurchase authorization; Q2 adjusted EPS $2.43 vs. consensus $2.29; Q2 revenue $19.15B vs. est. $19.55B; et investment income rose 18%, primarily due to increases in estimated fair value of certain securities that do not qualify as separate accounts under GAAP; said adjusted earnings growth was driven by favorable underwriting and broad-based volume growth across all segments.

• Axon Enterprises (AXON) Q2 EPS $1.88 vs. est. $1.84; Q2 revs rose 35% y/y to $904M vs. est. $876.46M; raises 2026 revenue growth view to 32%-34% from 30%-32% and sees full-year 2026 Adjusted EBITDA margin of 25.5%; sees 2026 CapEx $160M-$190M.
• CACI International (CACI) Q4 revs $2.70B vs. est. $2.69B; Q4 adj EPS $8.91 vs. est. $7.21; sees FY27 adjusted EPS $32.96-$33.86, consensus $30.81 and FY27 revenue $10.65B-$10.85B vs. consensus $10.67B
• CF Industries (CF) Q2 EPS $4.73 vs. est. $5.96, miss by $1.23; sales $2.22B vs. est. $2.44B, miss by $216Mm; adj. EBITDA $1.19B vs est $1.345B; Q2 CAPEX $271Mm; FY CAPEX $1.30B, including $600Mm for the Blue Point One JV; quarterly dividend $0.60 per share, +20%; conflict with Iran removed about 4.0-4.5MM metric tons of traded Middle East urea supply and about 1MM tons of ammonia supply; global nitrogen supply-demand conditions remain constructive into 2027.
• Honeywell Aerospace (HONA) Q2 adj. EPS $1.87 vs. est. $2.27, miss by $0.40; sales $4.52B vs. est. $4.60B; adj. EBIT down 7%, including about $100Mm of separation-related costs and inventory-obsolescence charges; Electronic Solutions sales $1.77B; Engines & Power Systems sales $1.41B; Control Systems sales $1.34B; backlog $18.15B; FY organic sales growth guidance 4%-5% vs. prior 7%-9%; FY adj. EPS guidance $7.60-$7.90 vs. est. $8.86; H2 free cash flow guidance maintained.

• SanDisk Corp. (SNDK) Q4 revenue $8.97B vs est. $8.64B; Q4 EPS $39.25 vs est. $34.37; Q4 Data Center Revenue $3.0B vs est. $2.6B and operating Income $7.0B vs est. $6.4B; guides Q1 revs $10.55B vs est. $11.2B and EPS $45.00 vs est. $45.58; approved additional $14B share stock buyback; said sign five additional new business model agreements, three with new customers.
• Western Digital (WDC) Q4 adj. EPS $3.56 vs. est. $3.31, beat by $0.25; revenue $3.75B vs. est. $3.70B, beat by $55Mm; gross margin 54.1%; op Income $1.56B vs est $1.52B; Q1 revenue outlook $4.10B vs. est. $4.06B.
• Celestica (CLS) 9.677M share Spot Secondary priced at $310.00 (down from $362.76 closing price); shares -15% premarket.
• Cirrus Logic (CRUS) Q1 adj. EPS $1.84 vs. est. $1.81; revenue $460.0Mm vs. est. $460.3Mm, miss by $0.3Mm; Q2 revenue guidance $510Mm-$570Mm vs. est. $556.7Mm; Q2 gross margin guidance 52%-54%
• Figma Inc. (FIG) Q2 adj. EPS $0.08 vs. est. $0.04, beat by $0.04; revenue $370.1Mm vs. est. $351.6Mm, beat by $18.5Mm, +48% YoY; gross profit $309.6Mm; adj. operating Income $36.1Mm vs est $14.5Mm; adj. operating margin 10%; net Dollar retention 136%; Q3 revenue guidance $373Mm-$375Mm vs. est. $364.9Mm; FY revenue guidance $1.463B-$1.467B vs. est. $1.440B; FY adj. operating Income guidance $125Mm-$135Mm vs est $133.24Mm; Q2 was the first full quarter of Ai-credit monetization.
• HubSpot (HUBS) Q2 adj EPS $3.26 vs est $3.02, adj EBIT $185.3Mm vs est $174Mm, revs $911.7Mm vs est $898.32Mm; guides Q3 revs $924-925Mm vs est $942.27Mm, adj EPS $3.25-3.27 vs est $3.45; FY guide revs $3.678-3.686B vs est $3.707B and adj EPS $13.23-13.31 vs est $13.10.
• IonQ Inc. (IONQ) Q2 adj. EPS ($0.33) vs. est. ($0.27), miss by ($0.06); revenue $80.1Mm vs. est. $65.4Mm, beat by $14.7Mm, +287% YoY; adj. EBITDA loss ($120.3Mm) vs est ($73.14Mm); FY revenue guidance $280Mm-$290Mm vs. prior $260Mm-$270Mm and est. $268.5Mm; approximately $3.0B of cash, cash equivalents, and investments at quarter-end, falling to about $2.0B after the SkyWater acquisition.
• Klaviyo (KVYO) Q2 adj. EPS $0.19 vs. est. $0.19; revenue $370.6Mm vs. est. $362.1Mm, beat by $8.5Mm; adj. gross profit $271.9Mm; adj. operating profit $50.9Mm vs est $49.92Mm; Q3 revenue guidance $377Mm-$381Mm vs est $378.4Mm; FY revenue guidance $1.526B-$1.534B vs. est. $1.520B.
• MKS Instruments (MKSI) Q2 revs $1.25B vs. est. $1.2B; Q2 adj EPS $3.30 vs. est. $2.91; sees Q3 revs $1.35B vs. est. $1.25B; sees Q3 EPS $3.58 vs. est. $3.21 and sees Q3 adj Ebitda $395M.
• Motorola Solutions (MSI) Q2 adj. EPS $4.41 vs. est. $3.85, beat by $0.56; sales $3.13B vs. est. $3.00B, beat by $132Mm; EBIT margin 25.8%; product sales $1.82B; services sales $1.32B; free cash flow $414Mm; backlog $15.6B; Q3 revenue growth guidance about 8% vs est +10.13%; Q3 adj. EPS guidance $4.39-$4.44 vs. est. $4.41; FY revenue guidance about $13.0B vs. est. $12.8B; FY adj. EPS guidance $17.62-$17.72 vs. est. $16.98.
• News Corp. (NWSA) Q4 adj. EPS $0.35 vs. est. $0.21, beat by $0.14; revenue $2.34B vs. est. $2.23B, beat by $109Mm; total segment EBITDA $423Mm; Dow Jones revenue $644Mm, +4% YoY; Digital Real Estate Services revenue $553Mm; Book Publishing revenue $566Mm, +15% YoY; News Media revenue $574Mm; foreign exchange contributed $71Mm, or 4%, to Q4 results; content partnerships with OpenAI and Meta remain in place, with additional discussions ongoing.
• China's Cyberspace Administrator said that it was launching a cybersecurity review into Palo Alto Networks (PANW) products sold in China to ensure the secure and stable operation of critical information infrastructure and prevent cybersecurity risks.
• Symbotic Inc. (SYM) Q3 EPS $0.09 vs. est. $0.08; Q3 revs rise 22% y/y to $720.8M vs. est. $714.7M; sees Q4 revenue $760M-$780M, vs. consensus $770.73M and Q4 adj Ebitda $100M-$105M and Q2 adj Ebitda more than doubled y/y to $95M; says well on track to deliver against its key objectives for the fiscal year.
• TTM Technologies (TTMI) Q2 adj. EPS $0.99 vs. est. $0.90, beat by $0.09; sales $1.004B vs. est. $962.0Mm, beat by $42.1Mm; gross profit $211.9Mm; operating Income $109.1Mm vs est $121.95Mm; Q3 sales guidance $1.100B-$1.140B vs. est. $1.073B; Q3 adj. EPS guidance $1.21-$1.27 vs. est. $1.09.

Mid-Morning Look

Thursday, August 06, 2026

U.S. stocks rallying amid another day of sector rotation as after a nice 4 day rally from last week stalled yesterday, lifting the Nasdaq 100 nearly 10% during that strength amid a rebound in semis, Ai, etc., the technology group stumbles early behind weaker software outlooks (HUBS, FIG) and pullbacks in memory after generally strong results (SNDK, WDC), as investors rotate back into defensive sectors with Healthcare, Consumer Staples, and Energy seeing early strength. However, strength in large cap like AAPL, AMZN, MSFT, NVDA) help tech rebound. WTI crude is up slightly to around $76 a Barrel despite reports that Iran and Oman are close to finalizing a deal on Strait of Hormuz traffic. Oil prices rose on Thursday as investors remained cautious on the outcome of Iran-Oman talks. The Nasdaq, while down slightly, is only 3% from all-time highs while the Dow hit another record today along with the S&P 500 in a busy day of earnings and ahead of key nonfarm payroll data tomorrow morning. Of the 411 S&P 500 companies that have reported thus far in the S&P 500, 87% have beat vs 82% beating a year ago and the avg beat 14% vs 13% LY, avg miss -29% vs -21% LY and avg yr/yr earnings growth 25% vs 14% LY. The Nasdaq 100 (QQQ) dropped below its 50dma this morning but has quickly rebounded/recovered.

• U.S. Q2 non-farm productivity +1.4% (consensus +0.6%), vs Q1 +0.8% (prev +0.3%) while U.S. Q2 non-farm unit labor costs +1.3% (consensus +2.1%), vs Q1 +1.3% (prev +1.8%).
• Challenger layoffs showed 33,429 job cuts in July 2026, the fewest in two years...down 27% from June and 46% compared with the same month last year. Ai led all reasons for job cuts for a Fifth straight month and was responsible for 10.97K during the month.
• June wholesale inventories revised to +0.2% (consensus +0.3%) from +0.3%; June wholesale sales -3.0% (consensus +2.2%) vs May +3.5% (prev +3.4%); U.S. June stock/sales ratio 1.19 months' worth vs May 1.15 months.

• Retail re-sell products: ETSY reported a 2Q above expectations, with GMS of $2.58B (+7.5% y/y adj.; down -8% reported), revenue of $668.3M (+9.3% y/y, and while active buyers were roughly stable y/y and gross buyer additions accelerated in the quarter; raised year guidance. As marketplace GMS now expected to grow ~MSD% y/y (prior ~LSD growth). EBAY delivered a strong quarter with GMV, revenue, and EPS above expectations, while growth categories continued to accelerate, though near-term EPS guidance reflects the impact of the Depop acquisition.
• In Nuclear power: CEG said it will sell a gas plant in Texas to LS Power for $860M and also raised its current-year operating earnings forecast on the back of robust power demand. SMR reported Q2 EBITDA loss of -$64M, slightly worse due to minimal revenue and higher R&D to support the supply chain and allow for quicker deployment. Also in the quarter, the company issued $947M of equity to bring the cash and investment balance to $1.9B. LEU said it would provide XE with enrichment services for Low-Enriched Uranium and High-Assay, Low-Enriched Uranium/are expected to support X-energy's initial Xe-100 small modular reactors and TRISO-X fuel deployments.
• Payments sector: FISV shares fell as Q2 adj revs -4% to $4.96B missing ests $5.04B and adj EPS for Q2 decreased 26% and missed analyst expectations ($1.84 vs. $1.91); cuts FY26 adjusted EPS view to $7.20-$7.40, from prior view $8.00-$8.30 and  now expects organic revs for 2026 of (1%) to 0%. GPN was upgraded to Outperform at Wolfe Research after reported an in-line Q226 and reset guidance to account for Mideast impacts and in Wolfe's view, include 2H26 conservatism. FOUR shares fall after cutting its guidance as sees FY26 adjusted EPS view to $5.15-$5.35 from $5.50-$5.70 (est. $5.56) and sees FY26 gross revenue less network fees $2.48B-$2.53B.

• OXY +5%; on earnings as reported its highest quarterly profit since 2022, surpassing Wall Street expectation; global production rose 2.4% to 1.43 million barrels of oil equivalent per day; Realized oil prices surge more than 50% year-over-year.
• PH +9%; rises after results and raising adjusted 2027 profit between $34.25-$35.25 per share, the midpoint of which is above analysts' estimate of $34.04 while Q4 sales at the company's aerospace systems segment rose 13.4% to $1.90B and overall revs $5.76B
• RL +4%; after Q1 adj EPS and sales $1.96B topped consensus $1.87B helped by resilient demand from young and affluent shoppers for its high-priced collections and raises fiscal 2027 revenue forecast to around 5% to 6%, compared to prior rise 4% to 5%.
• SEI +10%; delivered sharply higher-than-expected Q226 adjusted EBITDA (+24.0% versus Stifel's estimate, +20.7% versus consensus), raised Q326 guidance by 11.4% at the midpoint versus the consensus, and expanded three long-term contracts.
• U +11%; after Q2 revs $546.46M topped consensus $514.6M led by Unity Vector AI and Grow Solutions; non-strategic revenue declined and guides Q3 strategic revenue of $540M-$550M (+44%-47% y/y) and expects Q3 adjusted EBITDA of $185M-$190M, up 69% to 74% y/y.

• BROS -16%; delivered an all-around beat and raised 2026 guidance for comps, revs, and EBITDA, but shares fell on softer Q3 comps guidance (+4–5%).
• CELH -15%; shares decline after Q2 revenue of $818M missed the $870M consensus estimate and adjusted EPS of $0.36 fell short of the $0.42 estimate and said gross margin fell to 48% from 51% y/y as ongoing aluminum cost inflation outweighed freight savings.
• FISV -7%; shares fell as Q2 adj revs -4% to $4.96B missing ests $5.04B and adj EPS for Q2 decreased 26% and missed analyst expectations ($1.84 vs. $1.91); cuts FY26 adjusted EPS view to $7.20-$7.40, from prior view $8.00-$8.30 and  now expects organic revs for 2026 of (1%) to 0%.
• FUN -18%; Q2 revs $864.9M missed the $933.3M estimate, with adjusted EBITDA of $243.1M falling well short of the $282.3M consensus and posted a net loss of $202.6M for the quarter
• HONA -19%; shares tumbled in first report as spin off from Honeywell as guides 2026 organic sales growth of 4%-5%, down from prior view 7%-9% increase and cuts year adj EPS to $7.60-$7.90, below analysts' expectation of $8.86 after Q2 adj profit fell -32% y/y.
• PZZA -15%; cuts annual sales forecast, hurt by challenges in North America as sees annual global system-wide restaurant sales forecast to decline in the range of -2% to -4%, compared to its prior expectations of flat-to-low single digits and guides 2026 North America comparable sales to decline between -6% and -8% vs its prior expectations of a -2% to -4% decline.
• WDC -11%; despite a Q2 beat, as Wall Street noted while good, was not as good as peer STX recently; delivered a modest beat on earnings relative to consensus for F4Q26 as well as on its F1Q27 guidance, with the upside to consensus revenue driven primarily by pricing, which tracked better than expected at roughly +high teens % y/y

Closing Recap

Thursday, August 06, 2026

After a massive 4 day rally from last week to Tuesday saw major averages climb to all-time highs for the Dow, S&P 500 and Russell 2000, markets had a rather lackluster trading day ahead of tomorrow’s monthly nonfarm payroll report. After tonight, we will be more than 85% thru Q2 earnings, with a 87% beat rate so far, impressive by all measures including growth. Stock markets did a whole lot of nothing today awaiting the data. Oil and Treasury yields edged higher as Iran's semi-official Fars news agency reported, citing a lawmaker, that an Iranian parliamentary committee is reviewing a preliminary bill that would bar U.S., Israeli and other "hostile" vessels from transiting the Strait of Hormuz. Sector leaders included Energy (XLE) +1.5% and modest gains in tech thanks to large cap strength, and semis (SOX +1.5%) but software names tumbled on earnings results (HUBS, FIG). Shares of Materials (XLB), REITs (XLRE) and Industrials (XLI) led the declines in the S&P.  Lots of notable movers on earnings overnight and into today with today being one last barrage before focus turns to off calendar software/retailers in the coming month. The Bureau of Labor Statistics releases its nonfarm payrolls report for July Friday, with Wall Street expecting a gain of 83,000 and the unemployment rate to hold at 4.2%. Beyond the headline numbers, economists will be watching labor force participation, wage gains and job composition for broader clues.

• U.S. Q2 non-farm productivity +1.4% (consensus +0.6%), vs Q1 +0.8% (prev +0.3%) while U.S. Q2 non-farm unit labor costs +1.3% (consensus +2.1%), vs Q1 +1.3% (prev +1.8%).
• Challenger layoffs showed 33,429 job cuts in July 2026, the fewest in two years...down 27% from June and 46% compared with the same month last year. Ai led all reasons for job cuts for a Fifth straight month and was responsible for 10.97K during the month.
• June wholesale inventories revised to +0.2% (consensus +0.3%) from +0.3%; June wholesale sales -3.0% (consensus +2.2%) vs May +3.5% (prev +3.4%); U.S. June stock/sales ratio 1.19 months' worth vs May 1.15 months.

• The U.S. dollar edged higher helped by safe-haven positioning from investors, clawing back some recent intervention-driven losses that had pushed it to a 13-week low against the yen following joint action by Japanese and U.S. Treasury authorities to prop up the currency. The dollar was last up 0.41% against the yen at 158.41, on track for its third straight session of gains after weakening to as low as 155.20 on Monday, its lowest level since early May. The euro was down about 0.29% at $1.1519, and sterling fell 0.12% at $1.3454.
• After surging on Wednesday, precious metals prices dipped on Thursday as December gold settles -$5.60/oz, or -0.13%, at $4,299.60 while September silver settles -$0.68/oz, or -1.09%, at $61.61. The yield on benchmark U.S. 10-year notes rose 5.06 basis points to 4.668%, from 4.617%.

• Beauty products: LRLCY was upgraded to Hold at Jefferies post H1 results saying evidence is mounting against prior call that the underlying 2yr CAGR is rangebound at 4-4.5%, with the Q2 results above that amidst a more supportive underlying market. ELF Q1 results ahead of expectations and meaningfully lifted guidance. Adjusted EPS of $1.75 easily topped a Street figure of $0.71 driven by stronger sales and benefits from tariff refunds (~$0.68 tailwind) and management now expects FY26 EPS of $3.50-3.55 vs. prior guidance of $3.27-3.32.
• Beverages and Food sector: CELH shares decline after Q2 revenue of $818M missed the $870M consensus estimate and adjusted EPS of $0.36 fell short of the $0.42 estimate and said gross margin fell to 48% from 51% y/y as ongoing aluminum cost inflation outweighed freight savings. KDP Q2 revs beat estimates while left its annual forecasts unchanged; DEO FY sales of $19.643B versus the $20.269B estimate and adjusted operating profit of $5.683B against a $5.895B consensus, launching a two-year restructuring program targeting approximately $850M in savings starting fiscal; TAP beats Q2 estimates with adjusted EPS of $1.58 versus the $1.51 consensus on net sales of $3.097B against a $3.081B estimate, reaffirming full-year guidance.
• Restaurant sector: PZZA cuts annual sales forecast, hurt by challenges in North America as sees annual global system-wide restaurant sales forecast to decline in the range of -2% to -4%, compared to its prior expectations of flat-to-low single digits and guides 2026 North America comparable sales to decline between -6% and -8% vs its prior expectations of a -2% to -4% decline; BROS delivered an all-around beat and raised 2026 guidance for comps, revs, and EBITDA, but shares fell on softer Q3 comps guidance (+4–5%).
• Retailers: RL shares rose as Q1 adj EPS and sales $1.96B topped consensus $1.87B helped by resilient demand from young and affluent shoppers for its high-priced collections and raises fiscal 2027 revenue forecast to around 5% to 6%, compared to prior rise 4% to 5%.

• Online travel/lodging sector: EXPE Q2 beat (EBITDA $1.19B vs Street's $1.037B est.), with nights +6%, (~250–300bps above management positioning) benefitting from higher B2C marketing leverage, stable US backdrop and expanding B2B partnerships (no change to 2H outlook). TRIP and SABR shares were also active following results from both as well in the travel group.
• Ride hailing/food delivery: DASH Business performing well, GOV +23% y/y PF, but results/3Q guide only in line with Street. US restaurant GOV +24% y/y and accelerated on DassPass. US grocery/retail strong growth with significantly improving unit economic

• Solar sector: Solar: ARRY delivered Q2 revenue of $342.1M above its own guide, adjusted gross margin of 30.8% on minimal one-time benefit, and FCF of $113.6M and raised the low end of FY26 EBITDA and EPS guidance and lifted the gross margin range to 27-28%, but flagged that revenue could land below the midpoint on project timing; RUN 2Q value came in near the top of guidance (Aggregate Subscriber Value ~$1.2B, record 74% storage attach), but volumes fell 31% y/y and upfront NSV compressed to ~$2K (4% margin) on front-loaded costs from the direct-channel transition. FY26 guidance was cut (cash generation to $200M-$375M, ASV to $4.6B-$4.9B).
• Energy sector: OXY shares rose on earnings as reported its highest quarterly profit since 2022, surpassing Wall Street expectation; global production rose 2.4% to 1.43 million barrels of oil equivalent per day; Realized oil prices surge more than 50% year-over-year; COP reported results and said that any delays to the Qatar LNG project would likely be in months rather than a year or more, adding that it does not expect a material impact on free cash flow.

• Payments sector: FISV shares fell as Q2 adj revs -4% to $4.96B missing ests $5.04B and adj EPS for Q2 decreased 26% and missed analyst expectations ($1.84 vs. $1.91); cuts FY26 adjusted EPS view to $7.20-$7.40, from prior view $8.00-$8.30 and  now expects organic revs for 2026 of (1%) to 0%. GPN was upgraded to Outperform at Wolfe Research after reported an in-line Q226 and reset guidance to account for Mideast impacts and in Wolfe's view, include 2H26 conservatism. FOUR shares fall after cutting its guidance as sees FY26 adjusted EPS view to $5.15-$5.35 from $5.50-$5.70 (est. $5.56) and sees FY26 gross revenue less network fees $2.48B-$2.53B.

• Financial Services: LZ shares tumbled, downgraded to Neutral at JP Morgan as FY26 revenue guide cut to ~6% growth ($795$805M) from ~8% ($810-$830M) and mgmt now envisions LSD revenue growth in the back-half of the year, attributed to a structural headwind w/primary search channel.
• Mortgage Services: ZG strong Q2 results, with revenue and adj. EBITDA both above consensus. For Sale revenue growth in the mid-teens outpaced industry transaction value, while Rentals grew in the low thirties and Mortgages accelerated sharply as purchase originations nearly doubled (downgraded at Evercore saying despite Q2 beat, the H2:26 outlook was notably soft). UWMC shares tumbled over -40% after swinging to net loss for quarter and suspends dividend;

• GNL reported a 2Q26 AFFO beat (+$0.01). GNL increased its FY26 AFFO guidance by 1.8% to $0.82-$0.85 (above cons. of $0.83) and increased its gross transactions guidance by 150% to ~$750M, as a result of including the Modiv acquisition (set to close mid-August).
• HPP upgraded to Overweight from Neutral at Piper based on the surging West Coast Office rebound, now spreading to Seattle. Piper had become more enthusiastic about West Coast Office earlier this year.
• INN Q2 Adj. EBITDA/FFO beat cons. Management increased ‘26 Adj. EBITDA guidance by nearly 2% at the midpoint, which include a 75 bps increase to RevPAR growth guidance due to better 2Q results and improvement in the 2H outlook.
• LTC Q2 cFFO missed cons. Management affirmed the midpoint of ’26 cFFO guidance, which is ~1% below cons. While Core SHOP NOI was affirmed, occupancy guidance decreased 80 bps to +70 bps y/y. Management increased SHOP acquisition guidance by $300M to $900M in ’26.
• O reported 2Q26 AFFO that was in line with cons. and mgmt. raised its FY26 AFFO guide by 0.5% (+3.9% y/y) and its investment guide by 5.3% to $10B. Despite investments moderating to $2.1B at a slightly higher cap rate of 7.3%, the forward pipeline remains healthy.
• REXR was downgraded from Buy to Hold at Jefferies as remains cautious on the earnings outlook, as nearly half the portfolio is set to roll through 2027-2029 after being leased at peak COVID Era rents.
• SMA reported 2Q results modestly ahead of expectations, in our view. FFO, as Adjusted, was in line to slightly above consensus (source-dependent), and mgmt raised FY26 guidance by 1% at the midpoint, driven primarily by stronger same store expectations (+25 bps SSREV, +140 bps SSNOI).
• TRNO reported 2Q26 FFO of $0.70, $0.01 ahead of consensus. While SSNOI growth moderated to 6.8% as expected, fundamentals remain healthy.
• Research changes:

• INSM shares surged after the biopharma raised its FY26 Brinsupri guidance to $1.25B-$1.4B from prior view at least $1B and raised its peak revenue estimate for TPIP to more than $6B; Q2 revs nearly quadrupled to $425.5M vs. est. $393.7M
• IOVA shares jumped after Q2 revs $99.3M beat the $87.83M estimate saying after Q2 performance and strong demand trends, co is reviewing previously issued 2026 revenue forecast of $350M-$370M and will provide an update during Q3.
• Healthcare Services: AMZN launches GLP-1 medication delivery for eligible Medicare Part D patients at $50 per month, offering same-day delivery across 3,100+ U.S. cities for drugs including Wegovy and Zepbound, with expansion to nearly 4,500 cities by end of 2026.

• E&C and power sector: SEI delivered sharply higher-than-expected Q226 adjusted EBITDA (+24.0% versus Stifel's estimate, +20.7% versus consensus), raised Q326 guidance by 11.4% at the midpoint versus the consensus, and expanded three long-term contracts. Management also expects Q426 EBITDA of $100-120M, 12.8% higher than the midpoint of the Q3 guide.
• Chemical sector: CF reported softer than expected results as volumes contracted a lot in Ammonia, UAN and AN, only partially offset by higher Urea volumes. Pricing was solid across the board, as expected; EPS of $4.73 was again up YoY but below consensus. NTR delivered a mixed print as the topline came in ahead, while EBITDA and EPS were below consensus estimates. The FY guide remains largely intact, with the low end of Potash sales volumes ticked modestly higher.
• Aerospace sector: HONA shares tumbled in first report as spin off from Honeywell as guides 2026 organic sales growth of 4%-5%, down from prior view 7%-9% increase and cuts year adj EPS to $7.60-$7.90, below analysts' expectation of $8.86 after Q2 adj profit fell -32% y/y. BKSY shares rallied after Q2 results as revs rise 50% y/y topping estimates after reaffirms outlook, while YSS shares declined in the space sector on results; JOBY posted $39M in Q2 revenue and raised its full-year revenue guidance to $115M–$125M.
• Defense sector: AXON reported solid FQ226 results, with revenue of $904.4M, up 35% Y/y, above consensus of $875.9M, while adjusted EBITDA of $242.0M, up 41% Y/y, outperformed consensus of $221.0M; RDW reported Q226 revenue of $117M vs the Street's $107M and Q2 adjusted EBITDA was a loss of $3.2M vs the Street's loss of $4.2M as rev beat was a function of continued demand strength across both Space and Defense Tech end markets and improved backlog conversion; in gov’t IT services, CACI shares jumped after results and guidance (BAH, LDOS, SAIC up in reaction).

• Communications & Networking: AEVA share a bright spot post earnings, delivering in-line results and maintaining 2026 expectations, while announced a potentially transformational development agreement with a hyperscaler to commercialize optical connectivity solutions for data centers leveraging its core silicon photonic.
• Gaming software: APP shares tumble after Q2 results, as Piper cut to Neutral (tgt to $385 from $665) after APP slightly missed the midpoint of rev guide (-30bps below) and EBITDA (-100bps below) both for the first time since going public. Management attributed the miss to the timing of model improvements, which will reverse in Q3. Unity Software (U) shares rose after Q2 revs $546.46M topped consensus $514.6M led by Unity Vector AI and Grow Solutions; non-strategic revenue declined and guides Q3 strategic revenue of $540M-$550M (+44%-47% y/y) and expects Q3 adjusted EBITDA of $185M-$190M, up 69% to 74% y/y.
• Media sector: shares of FOXA and NWS both rising post earnings results; NWSA Q4 revs rose 11% y/y to $2.34B beating $2.23B estimate driven by Digital Real Estate, Book Publishing and Dow Jones segments; FOXA Q4 EPS and revs ($4.21B vs. $3.64B) topped estimates as the FIFA World Cup boosted advertising sales during a busy news cycle (ad revs surged 78% to $1.92B); Fox One recorded 2.8 million sign-ups in June, its strongest month since the service's launch in August. Broadcasters NXST, SBGI, GTN were higher after the FCC voted to repeal its 39% national television multiple ownership rule and replace it with a case-by-case review.
• AI/data center names fairly quiet on news today: NBIS shares fell over -12% amid concerns about the proposed expansion of the company's facility in N.J. The public hearing turned contentious as residents raised issues including the impact on water use, power, and air quality; GOOGL is looking to raise between $20 billion and $25 billion from its latest U.S. bond offering according to Bloomberg in what is expected to ne a 10-part offering.
• Robotics sector: SYM Q3 sales came in at the top end of the guide and slightly above consensus, while EBITDA and gross margins surprised to the upside.

• CRUS posted in-line F1Q (Jun) results and guided F2Q (Sep) lower. Demand from iPhone was strong as AAPL revs grew +18% y/y. Notably CRUS lowered its FY27 outlook for PC NB revs citing multiple factors, incl component shortages, higher memory, and customers delaying new launches. CRUS also noted it was not seeing pricing pressure
• MKSI reported 2Q EPS of $3.30 vs. consensus $2.91 on Sales of $1.248B vs. est. $1.195Band 3Q guide came in above consensus on all metrics; realizes “double duty” AI benefits in both its Semiconductor (+28% y/y) and Electronics & Packaging (+43% y/y) segments
• SNDK results beat guidance with revenues/EPS/FCF at 6%/13%/72% above Street, respectively while the Q3 revenue guide of $10.55B missed St expectations of $10.74B on more muted pricing while gross margins came in higher; also indicated they have now signed a total of 8 NBMs (diverse data center and OEMs; weighted avg duration of 4 years) which represent 50%/~66% of their bits.
• WDC shares tumbled despite a Q2 beat, as Wall Street noted while good, was not as good as peer STX recently; delivered a modest beat on earnings relative to consensus for F4Q26 as well as on its F1Q27 guidance, with the upside to consensus revenue driven primarily by pricing, which tracked better than expected at roughly +high teens % y/y.

Street Recommendations

Thursday, August 6, 2026

• CPRI Barclays analyst Adrienne Yih lowered the firm's price target on Capri Holdings to $19 from $20 and keeps an Overweight rating on the shares. The company reported a fiscal Q2 beat on sales while missing on gross margin, the analyst tells investors in a research note. The firm says inventory delays, weaker Europe, the Middle East, and Africa trends, and higher unit costs have delayed the Michael Kors recovery.
• CAT Barclays raised the firm's price target on Caterpillar to $900 from $800 and keeps an Equal Weight rating on the shares post the Q2 report. The firm says that following a decade of organic growth, margin expansion and capital discipline, Caterpillar's earnings power "may be broader and more durable than perceived."
• CHH Barclays analyst Brandt Montour raised the firm's price target on Choice Hotels to $102 from $101 and keeps an Underweight rating on the shares post the Q2 report. The company posted a mixed quarter, though net rooms growth traction is a net positive, despite higher key money, the analyst tells investors in a research note. Barclays is "generally downbeat" that Choice's domestic rooms can continue to accelerate without higher key money.
• CRUS Barclays analyst Tom O'Malley lowered the firm's price target on Cirrus Logic to $130 from $140 and keeps an Equal Weight rating on the shares. The company's September quarter outlook is well below seasonal, confirming the pushout of low end
• DASH Barclays analyst Ross Sandler raised the firm's price target on DoorDash to $230 from $220 and keeps an Equal Weight rating on the shares. The firm believes the company's Q2 report 2Q "may mark an important turning point," whereby it can sustain order volume growth and start to see better earnings performance, especially heading into 2027.
• DUOL Barclays raised the firm's price target on Duolingo to $115 from $110 and keeps an Equal Weight rating on the shares. The firm says the company's strategic reset started to show signs of progress in Q2, with the top-of-funnel improving and user performance indicators re-accelerating.
• EHC Barclays raised the firm's price target on Encompass Health to $144 from $140 and keeps an Overweight rating on the shares. The firm views the Q2 report as strong. The quarter represents "inflecting" discharge growth and puts Encompass back on track toward its long-term discharge growth target of 6%-8%, the analyst tells investors in a research note.
• GPN Barclays analyst Nik Cremo raised the firm's price target on Global Payments to $89 from $81 and keeps an Equal Weight rating on the shares post the Q2 report. The company reported a "better-than-feared" second half of 2026 outlook paired with Genius rollout progress, the analyst tells investors in a research note.
• HUBS Barclays lowered the firm's price target on HubSpot to $240 from $270 and keeps an Overweight rating on the shares post the Q2 report. The firm says HubSpot is seeing solid AI adoption and enterprise momentum, though a softer demand environment is more than offsetting agent usage and healthy upmarket demand.
• SHOP Barclays raised the firm's price target on Shopify to $145 from $126 and keeps an Equal Weight rating on the shares following the earnings report. The firm says Shopify's playbook of land-and-expand with merchants of all sizes and geographies seems to be paying off.
• SEDG Barclays analyst Christine Cho lowered the firm's price target on SolarEdge to $37 from $53 and keeps an Equal Weight rating on the shares post the Q2 report. While the company's turnaround reached an important milestone with the return to profitability, a weaker Q3 outlook shifts the focus to the durability of the recovery, as U.S. demand will not offset the usual downward seasonal trends in Europe, the analyst tells investors in a research note.
• DIS Barclays raised the firm's price target on Disney to $115 from $110 and keeps an Overweight rating on the shares following the earnings report. Disney's underlying growth in experiences and direct-to-consumer is improving, but its valuation upside "may remain constrained without more visible catalysts to support the growth story in the current market environment," the analyst tells investors in a research note.

• EBAY BMO Capital analyst Brian Pitz raised the firm's price target on eBay to $145 from $130 and keeps an Outperform rating on the shares. EBay delivered a strong quarter with GMV, revenue, and EPS above expectations, while growth categories continued to accelerate, though near-term EPS guidance reflects the impact of the Depop acquisition, the analyst tells investors in a research note.
• LLY BMO Capital analyst Evan Seigerman raised the firm's price target on Eli Lilly to $1,400 from $1,300 and keeps an Outperform rating on the shares. The company delivered a Q2 beat-and-raise driven by Zepbound and Mounjaro demand, with improving Foundayo trends and retatrutide's potential 2027 approval offering additional long-term growth upside, the analyst tells investors in a research note.
• NVO BMO Capital analyst Evan Seigerman raised the firm's price target on Novo Nordisk to $47 from $45 and keeps a Market Perform rating on the shares. Novo Nordisk delivered solid Wegovy Pill prescription growth and raised guidance, but results fell slightly short of high expectations, while pricing pressure and uncertainty around the long-term obesity strategy highlight the need for broader franchise diversification, the analyst tells investors in a research note.
• BLDR BMO Capital analyst Ketan Mamtora lowered the firm's price target on Builders FirstSource to $80 from $85 and keeps a Market Perform rating on the shares. Builders FirstSource is executing well against a challenging housing backdrop and commentary around more stable price competition is encouraging, but elevated mortgage rates, persistent inflationary pressures, and lower value per start remain key near-term headwinds, the analyst tells investors in a research note.
• LCII BMO Capital lowered the firm's price target on LCI Industries to $118 from $155 and keeps a Market Perform rating on the shares. LCI Industries delivered an uneventful Q2 largely in line with expectations, with softer RV industry trends reflected in guidance, while tariff refunds may help support broader affordability efforts, the analyst tells investors in a research note.

• APP BofA analyst Omar Dessouky lowered the firm's price target on AppLovin to $430 from $705 and keeps a Buy rating on the shares. The firm reduced its valuation multiple because the consumer segment is "no longer a major plank of our bull thesis," but keeps a Buy rating because it believes gaming model innovations should help restart "a beat/raise cycle," the analyst tells investors.

• APP BTIG lowered the firm's price target on AppLovin to $574 from $640 and keeps a Buy rating on the shares. AppLovin reported a mixed Q2 with revenue in line but EBITDA below expectations due to temporary gaming model challenges, while improving AI model performance, non-gaming growth opportunities, and partnership expansion support a positive long-term outlook, the analyst tells investors in a research note. AppLovin remains a BTIG Top Pick.
• MGNI BTIG raised the firm's price target on Magnite to $27 from $20 and keeps a Buy rating on the shares. Magnite delivered a strong Q2 beat-and-raise quarter, with accelerating CTV growth, expanding market share, improving profitability, and increased guidance reinforcing the company's strong positioning in the shift toward streaming and programmatic advertising, the analyst tells investors in a research note.
• LFMD BTIG lowered the firm's price target on LifeMD to $9 from $10 and keeps a Buy rating on the shares. LifeMD reported a weaker-than-expected Q2 with lower revenue and EBITDA guidance due to higher investment costs, though the firm remains confident that expansion into branded GLP-1s, pharmacy, women's health, and insurance capabilities will support long-term growth, the analyst tells investors in a research note.
• BLBD BTIG analyst Gregory Lewis raised the firm's price target on Blue Bird (BLBD) to $95 from $80 and keeps a Buy rating on the shares. Blue Bird reported continued strength in its school bus business and expanded its growth opportunity through a new Ford (F) partnership that increases its addressable market, adds a new product line, and creates significant long-term earnings potential, the analyst tells investors in a research note.
• EXPE BTIG raised the firm's price target on Expedia to $350 from $330 and keeps a Buy rating on the shares. Expedia delivered a better-than-expected Q2 with strong room nights, ADRs, margins, and cost leverage, while a mixed outlook reflects modest near-term booking and margin pressure but maintains improving competitive positioning and higher 2026 expectations, the analyst tells investors in a research note.
• KTOS BTIG raised the firm's price target on Kratos Defense to $104 from $100 and keeps a Buy rating on the shares. Kratos delivered another strong Q2 beat with robust organic growth across key defense segments, while sustained demand in hypersonics, turbine technologies, and unmanned systems supports confidence in continued long-term growth, the analyst tells investors in a research note.

• CENTA Canaccord raised the firm's price target on Central Garden & Pet to $60 from $53 and keeps a Buy rating on the shares. The firm said they reported Q3 results, with sales in line and adjusted EBITDA about 2% above consensus, respectively. The company remains "well- positioned" for the remainder of the garden season and raised 2026 guidance given year to date results and a positive Q4 outlook.
• COOK Canaccord analyst Brian McNamara raised the firm's price target on Traeger to $77 from $75 and keeps a Buy rating on the shares. The firm said they reported mixed Q2 results, with sales roughly 10% below consensus, driven by weakness in grills and MEATER, while adjusted EBITDA was well ahead, driven by gross margins 140 bps above and Project Gravity driving a leaner organization.
• DAVE Canaccord raised the firm's price target on Dave to $450 from $342 and keeps a Buy rating on the shares. The firm said underscored by nine straight quarters of 30% growth combined with consistently solid credit performance, Dave's value proposition could not be resonating better and is being driven by the company's credit algo, generating higher ExtraCash advances while at the same time maintaining low delinquencies.
• DT Canaccord analyst Kingsley Crane raised the firm's price target on Dynatrace to $60 from $45 and keeps a Buy rating on the shares. The firm said Q1 results were impressive highlighted by 41% organic nnARR growth in CC, log consumption ramping to $200M, and solid momentum in customer lands with 122 adds at a hefty $285k initial land size.
• HUBS Canaccord lowered the firm's price target on HubSpot to $300 from $335 and keeps a Buy rating on the shares. The firm said Q2 results were clearly disappointing, prompting a nearly 20% after-hours decline as investors absorbed a meaningful reset to forward expectations. Canaccord said the weakness reflected two issues at once: deliberate changes to HubSpot's AI pricing, packaging, and go-to-market motion, and a broader increase in customer budget sensitivity.
• PODD Canaccord lowered the firm's price target on Insulet to $179 from $249 and keeps a Buy rating on the shares. The firm said Insulet delivered a Q2 revenue and EPS beat but lowered its FY26 U.S. and total-company revenue guidance ranges on unanticipated U.S. T2 patient retention issues; an issue that emerged intra-quarter.
• SHOP Canaccord raised the firm's price target on Shopify to $180 from $145 and keeps a Buy rating on the shares. The firm said Shopify's Q2 results were exceptional, even by the increasingly high standards investors have set for the business. The strength was broad-based across merchant sizes, geographies, and channels, and management's Q3 outlook calls for another quarter of low-30% revenue growth alongside further operating leverage.
• SMR Canaccord analyst George Gianarikas lowered the firm's price target on NuScale Power to $15 from $25 and keeps a Buy rating on the shares. The firm said they announced a potentially firm and industry-altering partnership with ENTRA1 and TVA (Tennessee Valley Authority) to build 6 GWs of nuclear power in America. Despite this validating, momentous announcement, a lack of critical detail has cast a long shadow. Skepticism lingers around execution risks, an unusual financing structure (between NuScale and Entra1), and notably, the lack of a binding PPA between Entra1 and TVA.
• TVTX Canaccord raised the firm's price target on Travere Therapeutics to $70 from $62 and keeps a Buy rating on the shares. The firm said in 2Q26 Filspari product sales revenue came in at $141.1M, representing a 34.2% sequential growth. Management highlighted a strong early launch in FSGS and reiterated its confidence in the greater than$3B peak sales projection for Filspari across both indications.
• ZG Canaccord lowered the firm's price target on Zillow Group to $40 from $52 and keeps a Hold rating on the shares. The firm said they reported strong Q2 results, with revenue and adj. EBITDA both above consensus. For Sale revenue growth in the mid-teens outpaced industry transaction value, while Rentals grew in the low thirties and Mortgages accelerated sharply as purchase originations nearly doubled.

• GPN Goldman Sachs raised the firm's price target on Global Payments to $94 from $82 and keeps a Neutral rating on the shares. Global Payments lowered guidance primarily due to expected Middle East travel disruptions, while underlying business trends remain solid with POS momentum, enterprise growth, and eCommerce strength, though continued investment and competitive concerns may limit near-term upside, the analyst tells investors in a research note.
• APP Goldman Sachs lowered the firm's price target on AppLovin to $465 from $585 and keeps a Neutral rating on the shares. AppLovin highlighted near-term model improvement timing challenges but continued strength in consumer advertising growth, with investments in AI infrastructure and go-to-market initiatives supporting long-term growth potential despite near-term margin pressure, the analyst tells investors in a research note.

• REXR Jefferies downgraded Rexford Industrial to Hold from Buy with an unchanged price target of $40 following the Q2 report. The firm is cautious on the company's earnings outlook, saying nearly half its portfolio is set to roll through 2027-2029 after being leased at peak Covid-era rents. Jefferies We estimates Rexford's leases will reset at negative GAAP spreads, creating a significant headwind to organic growth.
• PAYC Jefferies raised the firm's price target on Paycom to $160 from $130 and keeps a Hold rating on the shares. The company's Q2 results came in :sharply ahead of expectations," with a recurring revenue beat, the analyst tells investors in a research note. The firm says Paycom's underlying bookings trends and adoption of new products "matched the strong financials." It sees the stock moving higher post the results.
• IONQ Jefferies lowered the firm's price target on IonQ to $75 from $85 and keeps a Buy rating on the shares. The firm views the quarterly report as strong with building revenue momentum and platform expansion. Jefferies left the print with higher conviction and sees IonQ's September analyst day as the next key catalyst for the stock.
• JJSF Jefferies upgraded J & J Snack Foods to Buy from Hold with a price target of $101, up from $81, as the firm contends that Q3 "reaffirmed the margin story." Planned bakery exits masked steady momentum in pretzels and churros, says the analyst, who sees a path to low-single digit organic growth and margin expansion in FY27.

• LZ JPMorgan downgraded LegalZoom to Neutral from Overweight with a price target of $7, down from $8. The company's fiscal 2026 revenue guidance cut to 6% growth "impairs" the investment case, the analyst tells investors in a research note. The firm says LegalZoom no sees low-single-digit revenue growth in the back-half of the year, attributed to a structural headwind with its primary search channel. The company's Google-driven traffic has slowed materially, adds JPMorgan.

• FSLY KeyBanc raised the firm's price target on Fastly to $30 from $27 and keeps an Overweight rating on the shares. The firm notes the upside in the quarter was strong on both the network and security side but a little less than half of it was due to some non-recurring CDN events. That doesn't mean that the upside isn't deserved, but it does mean that the quality of the upside will be called into question, KeyBanc argues.
• HUBS KeyBanc analyst Jackson Ader lowered the firm's price target on HubSpot to $285 from $290 and keeps an Overweight rating on the shares following quarterly results. The firm notes bookings came in lighter than expected due to the proactive changes the company made to be AI-first and increased budget scrutiny caused sales cycles to lengthen and even some pressure on renewals. Any hopes of re-acceleration have been officially dismissed for the year, KeyBanc adds.
• PAYC KeyBanc raised the firm's price target on Paycom to $270 from $195 and keeps an Overweight rating on the shares. The firm notes Paycom reported strong Q2 results, posting one of the largest top-line beats in company history, driven by broad-based strength, and is flowing the entirety of the beat through to the full-year guide. More importantly, as a result of last year's capital expenditure spend on data centers and AI leading to savings this year, management now expects free cash flow to exceed $650M, a substantial 30%-plus step up from the $495M the Street was previously modeling, adds KeyBanc.
• RELY KeyBanc raised the firm's price target on Remitly Global to $33 from $28 and keeps an Overweight rating on the shares. The firm notes Remitly Q2 results were healthy. KeyBanc expects investment cadence and execution to be part of the conversation into the second half of the year and FY27 with a fuller roadmap than ever, but reminds itself these are good discussions to be having.
• WTS KeyBanc raised the firm's price target on Watts Water to $400 from $380 and keeps an Overweight rating on the shares. Following the company's Q2 earnings release, while beats/raises are expected by investors, the fimr nonetheless is encouraged by clear evidence of sales growth remaining sustainably above the company's long-term historical average, particularly with Data Center benefits beginning to show-through incrementally. As such, KeyBanc is more confident in its long-term thesis, seeing shares moving higher long-term as investors better appreciated Watts Water's growth levers and emerging M&A story.

• MIRM Morgan Stanley lowered the firm's price target on Mirum Pharmaceuticals to $137 from $150 and keeps an Overweight rating on the shares. The base business delivered "again" and the firm sees multiple catalysts ahead, but the PSC regulatory update introduces some near-term uncertainty, the analyst tells investors.
• LLY Morgan Stanley raised the firm's price target on Eli Lilly to $1,419 from $1,347 and keeps an Overweight rating on the shares. The firm views Lilly's Q2 results and upgraded 2026 guidance as supportive of its positive outlook for the company's GLP-1 franchise and the global growth/development of the obesity market, the analyst tells investors.
• BLMN Morgan Stanley raised the firm's price target on Bloomin' Brands to $12 from $8 and keeps an Equal Weight rating on the shares. An outsized stock move "repeats what we saw in May following results again that were not heroic within the casual dining segment," but beat modest expectations and continue an upward revision cycle, the analyst tells investors.

• HPP Piper Sandler upgraded Hudson Pacific to Overweight from Neutral with a price target of $18, up from $16. The "surging" West Coast office rebound is now spreading to Seattle, the analyst tells investors in a research note. Piper now recommends Hudson Pacific shares for investors looking for pure-play West Coast office recovery.
• APP Piper Sandler downgraded AppLovin to Neutral from Overweight with a price target of $385, down from $665, following the Q2 report. The company slightly missed the midpoint of its revenue and EBITDA guidance for the first time since going public, the analyst tells investors in a research note. Piper thinks the magnitude of AppLovin's directed model improvements may need to be larger going forward in order to hit Street estimates. The firm has "more questions than answers" on AppLovin's ability to beat estimates going forward following the earnings report.

• WTTR Raymond James downgraded Select Water Solutions to Outperform from Strong Buy with a price target of $26, up from $24. The firm says the stock's recent rally has "dramatically narrowed" Select Water's valuation gap relative to peers. Raymond James now believes meaningful additional upside is tied to a "number of wins that should stack up over a period of time."
• BXMT Raymond James downgraded Blackstone Mortgage to Market Perform from Outperform without a price target. The company's Q2 report and conference call "resurrected major concerns" in its portfolio quality and forward plan, the analyst tells investors in a research note. Raymond James says owning a mortgage real estate investment trust into a likely dividend cut and accelerated book value erosion is "precarious, even after the post-print share price slide."

• SMBC Stephens downgraded Southern Missouri Bancorp to Equal Weight from Overweight with an $85 price target. Over the last year, the stock has outperformed, which the firm partially attributes to the bank's liability sensitive interest rate positioning along with lower interest rates. However, with market expectations of higher interest rates, the firm suspects the net interest margin outlook could be slowed, the analyst tells investors.
• GFF Stephens raised the firm's price target on Griffon to $120 from $115 and keeps an Overweight rating on the shares. Despite trough demand and inflationary input cost pressures, the firm remains encouraged by Griffon's ability to sustain margins, the analyst tells investors in a post-earnings note.
• BWB Stephens upgraded Bridgewater Bancshares to Overweight from Equal Weight with a price target of $25, up from $21.50. The firm is raising its 2026 and 2027 operating EPS estimates to $1.85 and $2.10 from $1.82 and $2.05, respectively, and also cites the recent underperformance of shares.
• ACA Stephens analyst Trey Grooms downgraded Arcosa to Equal Weight from Overweight with a price target of $150, up from $142. The firm cites the company's pending deal to be acquired by CRH in an all-cash transaction for $150 per share for the downgrade.

• MGNI Susquehanna raised the firm's price target on Magnite to $30 from $22 and keeps a Positive rating on the shares. The firm said accelerating CTV growth continues to impress and new agentic capabilities appear to be pushing another frontier of growth and the company remains well positioned to participate in the large CTV and agentic opportunities.
• TRVG Susquehanna raised the firm's price target on Trivago to $5.50 from $3.25 and keeps a Neutral rating on the shares. The firm said they reported solid 2Q results and raised its FY26 outlook for both revenue and profitability. The company is continuing to execute on its turnaround story, seeing compounding returns on its prior brand marketing investments and narrowing its medium-term profitability target.
• UBER
• ZG Susquehanna lowered the firm's price target on Zillow Group to $38 from $50 and keeps a Neutral rating on the shares. The firm said the company continues to execute well and make progress on its strategic initiatives despite a challenging housing macro, and they believe these initiatives should continue to help the company drive incremental growth and margins over time.

• CPRI TD Cowen downgraded Capri Holdings to Hold from Buy with a price target of $17, down from $20, following the earnings report. The firm believes Capri needs to continue to renovate its store experience, leverage customer relationship data to drive innovation, marketing, and pricing decisions, and develop and foster new iconic bag platforms.
• TPG TD Cowen analyst Bill Katz upgraded TPG to Buy from Hold with a price target of $64, up from $43. The firm left the company's Q2 report "incrementally more constructive." The upgrade reflects TD's "progressively bullish" view on the alternative asset manages and the group's receding contagion risks.

• GFS UBS lowered the firm's price target on GlobalFoundries to $55 from $61 and keeps a Neutral rating on the shares. GlobalFoundries reported revenue at the high end of guidance, but a weaker mobile outlook and higher costs pressured estimates, while strength in data center, silicon photonics, and IoT provides longer-term support despite limited near-term enthusiasm for the stock, the analyst tells investors in a research note.
• SHOP UBS raised the firm's price target on Shopify to $145 from $130 and keeps a Neutral rating on the shares. Shopify delivered a strong Q2 with stable growth despite tougher comparisons, outperforming on GMV, revenue, margins, and free cash flow, while an upbeat Q3 outlook and durable commerce ecosystem reinforce continued momentum, the analyst tells investors in a research note.
• ORCL UBS analyst Karl Keirstead lowered the firm's price target on Oracle to $245 from $285 and keeps a Buy rating on the shares. Oracle shares declined following its May print amid concerns around AI infrastructure spending, returns on investment, financing risks, project delays, and customer concentration, though strong growth trends remain intact and current valuation may already reflect significant risk, the analyst tells investors in a research note.
• DASH UBS raised the firm's price target on DoorDash to $225 from $223 and keeps a Neutral rating on the shares. DoorDash provided little new information this earnings cycle, with elevated investment expected to continue across technology, autonomy, international expansion, and merchant services, limiting near-term margin expansion despite long-term growth opportunities, the analyst tells investors in a research note.
• CVS UBS raised the firm's price target on CVS Health to $126 from $122 and keeps a Buy rating on the shares. CVS delivered a better-than-expected quarter with improving HCB margins, but renewed Caremark concerns around 340B and selling season pressure add uncertainty to the long-term earnings outlook and may limit valuation expansion, the analyst tells investors in a research note.
• APP UBS analyst Stephen Ju lowered the firm's price target on AppLovin to $790 from $798 and keeps a Buy rating on the shares. AppLovin's weaker Q2 results and guidance reflected timing delays in ad model upgrades and nonendemic customer ramp, but these issues appear temporary as long-term growth potential remains supported by AI-driven platform improvements and market expansion, the analyst tells investors in a research note.
• WDC UBS lowered the firm's price target on Western Digital to $525 from $560 and keeps a Neutral rating on the shares. Western Digital's results were solid, and while guidance was only slightly better than the Street, the firm finds it hard to be negative in the near-term as management can keep a beat and raise cadence intact, the analyst tells investors in a research note.

• MNKD Wells Fargo lowered the firm's price target on MannKind to $13 from $14 and keeps an Overweight rating on the shares. The firm believes that good execution on product development sets up a revenue growth story that will start to become evident over the next 12 months with both the Furoscix autoinjector and Afrezza adoption in pediatrics.
• LLY Wells Fargo analyst Mohit Bansal raised the firm's price target on Eli Lilly to $1,330 from $1,280 and keeps an Overweight rating on the shares. The firm believes the company remains well-positioned for upside vs. higher Q2 guidance as incretin volume offsets pricing pressure. Medicare Bridge and improving access are expanding the obesity market, while robust outside-U.S. Mounjaro demand remains underappreciated.
• UBER Wells Fargo lowered the firm's price target on Uber to $89 from $100 and keeps an Overweight rating on the shares. The firm is encouraged by continued strength in delivery and prospects for U.S. mobility accelerating through 2026, but notes that mobility trips decelerating, regardless of culprit, results in share price pressure. Though lacking a clear catalyst, at 11-times 2027 free cash flow/share, Wells sees shares as compelling.
• DIS Wells Fargo analyst Steven Cahall raised the firm's price target on Disney to $132 from $125 and keeps an Overweight rating on the shares. The firm sees the company's print as a confidence booster, as Parks are solid and direct-to-consumer is progressing. Long-term SVOD margins remain the bull/bear, but Wells likes Disney because it's a self-help story under new management with licensing optionality.

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