Early Look

Wednesday, July 22, 2026

U.S. futures are down slightly, with technology led Nasdaq down the most after surging on Tuesday and after the Dow gained nearly 400 points as the S&P 500 snapped its 3-day losing run as chip stocks rose. Oil prices are jumping again, adding to last week’s 16% advance as Brent crude rises 3% or $2.75 to $83.81 per barrel. U.S. Secretary of State Marco Rubio said Washington was still willing to negotiate an end to the Iran crisis, but that Tehran was "not serious" about talks. Investors are now looking to results from Alphabet (GOOGL) and Tesla (TSLA), the first of the so-called "Magnificent 7" megacap stocks to report results after the bell for fresh evidence that these companies' multibillion dollar investments in AI are paying off. In Asian markets, The Nikkei Index slid -115 points to 66,115, the Shanghai Index edged higher 2 points to 3,867, and the Hang Seng Index dropped -239 points to 24,892. In Europe, the German DAX is higher by 233 points to 25,245, while the FTSE 100 is up 100 points to 10,687. Gold prices are higher, the dollar little changed holding at 40-year highs vs the Japanese yen and yields remain higher. Busy day of earnings ahead as the calendar ramps up the next three weeks.

• The Dow Jones Industrial Average rose 384.67 points, or 0.74%, to 52,223.93
• The Nasdaq Composite jumped 329.13 points, or 1.29%, to 25,837.21
• The Russell 2000 Index advanced 44.96 points, or 1.53% to 2,987.39

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AVB BANR BDN CASH CATY CCI CCS CSX CYH EFSC EGBN EGP ELS EPRT EQR FAF FR FRME FSBC FULT GGG GL GOOGL GSHD GTY HBNC IBM KALU KMI KNX LBRT LOV LUV MEDP MMLP MOH NOW NTST OBK OII PKG PNFP QCRH QS RELL RGP RJF RLI RNR ROL RS SEIC SLG SON STC TCBI TSLA TXN URI WCN WEX

• UK's Consumer Prices Index rose by 2.6% in the 12 months to June, down from 2.8% the previous month. On a monthly basis, CPI rose by 0.1% in June, compared with a rise of 0.3% in June 2025.
• Escalating hostilities between the United States and Iran could reignite inflation, drive interest rates higher and knock global growth back to as low as 1.3%, down from 2.9% last year, World Bank chief economist Gill told Reuters.
• Japan’s trade balance swung to a deficit of JPY 406.9 billion in June 2026, reversing from a surplus of JPY 122.3 billion in the same period last year. The trade shortfall, marking the second consecutive monthly deficit, far exceeded market expectations of a JPY 120 billion gap. Japan's exports surged 19.3% year-on-year to a three-month high.

• Cal-Maine Foods (CALM) Q4 EPS loss (-$0.76) vs. est. $0.08; Q4 revs $552.58M vs. est. $563.8M; said prepared foods production capacity projected to increase over 60% from FY2026 to FY2028; New $54M investment to further expand prepared foods production capacity; will not pay cash dividend for Q4.

• EQT Corp. (EQT) Q2 adj EPS $0.39 vs est $0.40, adj EBITDA $1.2B vs est $1.165B on revs $1.81B vs est $1.773B; raises FY production guidance by about 90BCFE, cuts FY CAPEX guide by $25Mm; raising fy2026 total sales volume guidance to 2,375 – 2,450 bcfe
• FedEx (FDX) files for mixed shelf offering; size not disclosed
• GE Vernova (GEV) Q2 revs $45.5B vs. est. $45.45B;Q2 orders $24.2B; raises annual revenue forecast as strong power demand accelerates order growth across its power and electrification units; now sees Fy revs $45.5B-$46.5B up from prior view of $44.5B-$45.5B.
• Iberdrola reaffirmed its full-year guidance on Wednesday after higher investment in electricity networks in Britain, the United States and Brazil boosted first-half profit.; reported net profit reached €4.34 billion ($4.95 billion) between January and June, up 22% from the €3.56 billion y/y.
• Joby Aviation (JOBY) finalized its partnership with Virgin Atlantic, converting an agreement announced in 2025 into a binding, multi-year commercial deal.
• Oklo (OKLO) and X-Energy (XE) jump into the Trump admin push to fast-track advanced reactors and feed the AI power hunger per Bloomberg. Focus on speeding up small modular and advanced nuclear for data centers
• Otis Worldwide (OTIS) Q2 adj EPS $1.01 in-line with consensus and revs $3.86B vs. est. $3.75B; cuts FY26 adjusted EPS view to $4.01-$4.05 from $4.20-$4.24 (est. $4.19); backs FY26 revenue view $15.1B-$15.3B; lowers FY26 adjusted free cash flow view to $1.5B-$1.55B from $1.6B-$1.65B and lowers FY26 adjusted operating profit view to $2.4B from $2.5B.
• Range Resources (RRC) Q2 Adj. EPS $0.79 vs. est. $0.64; Revenue $834Mm vs. est. $739.78Mm; Adj. Net Income $186Mm vs. est. $156.7Mm; Production 2.30 Bcfe/day (~67% gas); CAPEX $222Mm; CFO $333Mm (ex. WC); 2026 production guidance 2.35–2.40 Bcfe/day; CAPEX budget $650–700Mm; returned $102Mm
• Rocket Lab (RKLB) won a $266M U.S. government contract for 12 firm-fixed-price suborbital launches, with an option for six additional launches. The missions will launch from the Pacific Spaceport Complex in Alaska, with work scheduled through December 2028.
• Weatherford (WFRD) Q2 EPS $0.55 vs. est. $0.90; Q2 revs $1.11B vs. est. $1.07B; said despite the significant disruption in the Middle East due to the Iran conflict, Q2 results, especially adjusted free cash flow, were strong, demonstrating the reliability and resilience of our operating paradigm.

• Bank OZK (OZK) Q2 EPS $1.49 vs. est. $1.48 and down 5.7% y/y; Q2 profit rose 2.5% q/q; Q2 return on assets of 1.60%, net interest margin of 4.24%, and an efficiency ratio of 39.2%.
• Chubb Inc. (CB) Q2 adj EPS $7.26 vs. est. $6.85; Q2 Consolidated net premiums written of $14.7B, up 3.6%, with P&C and Life Insurance up 3.0% and 7.5%; P&C combined ratio of 83.8%; P&C net premiums written were $12.77 billion, up 3.0%, or 6.3% excluding large account and E&S property; Total pre-tax net catastrophe losses were $475M compared with $630M y/y.
• Capital One Financial (COF) Q2 EPS $4.73 vs. est. $4.03; Q2 net income rises to $3B and NIM widens 14bps to 8.01% q/q; Q2 revs $15.85B and provision for credit losses $3B; June domestic credit card net charge-offs rate 4.37% and 30+ day performing delinquencies rate for domestic credit card 3.39 % at June end; June Auto net charge-offs rate 1.65 %
• EastWest Bancorp (EWBC) Q2 EPS $2.63 vs est $2.62 on revs $791Mm vs est $718.25Mm, total assets $84.8B.
• Hancock Whitney (HWC) Q2 EPS $1.55 vs est $1.55 on NII $293.012Mm vs est $293.75Mm, credit loss allowance $13.775Mm, CET1 ratio 13.18%, total deposits $29.6B, total loans $24.6B.
• Interactive Brokers (IBKR) Q2 adj. EPS $0.69 vs est. $0.64; Q2 revs $1.896B vs est. $1.748B; Q2 Commission revenue increased 30% to $673M on higher customer trading volumes; Q2 customer trading volume in options, stocks and futures increased 17%, 14% and 2%, respectively; Q2 NII rose 23% to $1.06B primarily on higher average customer margin loans and customer credit balances.
• Metropolitan Bank (MCB) Q2 EPS $1.54 misses consensus $2.26; Q2 revs $93.01M vs. est. $93.39M; 2Q net interest income of $90.4M, net income of $19.2M and net interest margin of 4.08%; Q2 net interest income increased to $90.45M from $85.91M; Q2 non-interest expense climbed 11.6% to $51.8M; loans grew 4% to $7.3B.
• Orrstown Financial (ORRF) Q2 EPS $1.09 vs est $1.03 on NII $48.831Mm vs est $50.76Mm, NIM 3.87%.
• TrustCo Bank (TRST) Q2 EPS $0.98 on NII $45.59Mm, NIM 2.87%, credit loss provision $650k.
• Webster Financial (WBS) Q2 adj EPS $1.60 vs. est. $1.64 and revs $740M; Q2 net interest margin 3.26%, Q2 Deposits balance of $70.3 billion, up $1.2 billion, or 1.8% q/q; Provision for credit losses of $31.5M; Q2 Return on average assets of 1.19% and Q2 CET1 capital ratio 11.69%.
• Western Alliance (WAL) Q2 EPS $2.36 vs est $2.36 on NII $796.9Mm vs est $786.35Mm, NIM 3.53%

• Repligen Corp (RGEN) said it would buy BioLife Solutions (BLFS) in a cash-and-stock deal valued at about $1.5 billion, to expand its presence in the fast-growing cell therapy market; BioLife shareholders will receive $11.25 in cash and 0.1442 shares of Repligen for each share, valuing the cell-and-gene-therapy maker at $31 per share.

• AT&T (T) Q2 adjusted EPS $0.65 vs. est. $0.59; Q2 revs $31.6B vs. consensus $31.81B; reports Q2 432,000 postpaid phone net adds topping estimates of 338,500 additions with postpaid phone churn of 0.86%; bundled offerings also helped the company post record broadband additions, with 367,000 new fiber internet users and 279,000 fixed wireless subscribers.
• Monday.com (MNDY) initiates restructuring plan affecting ~20% of workforce; Estimates $45-55M charges; Raises FY26 non-GAAP operating margin to ~15% (prior: ~13%) - filing
• OpenAI said that an autonomous agent powered by its advanced AI models went rogue during a security test and triggered a hack that compromised the infrastructure of AI startup Hugging Face last week.
• Palto Alto (PANW) agrees to acquire Embrace to add real user monitoring and digital experience visibility to its observability platform. The deal builds on an observability business that surpassed $300M in ARR and is expected to close in fiscal Q1 2027.
• Pegasystems (PEGA) Q2 adj EPS $0.35 vs est $0.43 on revs rose 09% y/y to $420.7Mm but vs est $426.24Mm; saw Pega Cloud ACV rise 22% yr/yr, but AI market changes slowed overall ACV growth; said unprecedented changes in the AI market led clients to delay purchasing decisions, slowing overall ACV growth.
• Reddit (RDDT) is considering cutting off Google (GOOGL) access to its content for AI use as its $60M annual licensing deal nears expiration. Other publishers are also reevaluating Google’s crawler as AI summaries erode referral traffic with USA Today reportedly down ~50% over the past year - WSJ
• Super Micro (SMCI) shares rise 15% pre mkt on margin guidance; sees Q4 revenue near low end of $11B-$12.5B vs. consensus $11.73B; sees Q4 GAAP and non-GAAP gross margins to be in the range of 15% to 17% which is significantly higher than guidance of 8.2% to 8.4%, primarily due to a favorable customer and product mix. Backlog rose to record levels at the end of FY26 with total new orders in excess of $60 billion received during the fourth quarter of fiscal 2026.
• Wistron has opened its first U.S. manufacturing facility in Fort Worth, Texas, to produce AI servers for Nvidia (NVDA), expanding the chipmaker's domestic supply chain as it ramps up U.S. AI infrastructure investments. The 324,000-square-foot D1 facility produces Nvidia Grace Blackwell Ultra and will also produce Vera Rubin Superchips as part of a combined $700M investment in advanced American manufacturing.

Mid-Morning Look

Wednesday, July 22, 2026

U.S. stocks opened mixed, as the Dow rises, the S&P is flat, and the Nasdaq declines, pressured by a further rise in oil prices following the 11th straight round of U.S. strikes against Iran, with Secretary of State Marco Rubio saying Iran is “not serious about talks.” The main focus, however, for broader averages remains earnings as Q2 starts off with a bang as 81 S&P 500 companies reported thus far vs 96 LY with a 93% beat rate vs 81% Last year and the avg beat roughly 10% vs 10% LY, avg miss -6% vs -5% last year. Attention turns to two Mag 7 names with earnings from GOOGL and TSLA tonight along with other notables IBM and NOW in software and TXN in semiconductors. Several AI related news stories again overnight (see below). Oil prices jumped to their highest levels in over a month as Brent briefly topping $95 per barrel and adding to last week’s 16% advance. Software stocks slide again as PEGA noted that clients delayed purchasing decisions due to unprecedented AI market changes, which significantly slowed ACV growth (similar to IBM comments last week). Utilities (XLU), Energy (XLE) Materials (XLB) early winners helped by chemical stocks and precious metal miners as prices rebound.

Another factor weighing on stock market sentiment is inflation, lifting bets on a Federal Reserve rate hike, and taking 2-year Treasury note yields to 4.29%, near the highest in eighteen months, while growth, debt and political risks are driving real 30-year bond yields to their highest levels since 2009. The 10-year yield tops 4.65% this morning but stock markets still unphased for the most part. A hawkish message from the Bank of Japan did little to stem the yen’s historic slide, with the currency reaching a fresh 40-year low of 163.24 in overnight trading, prompting renewed risks of intervention.

• In AI Data Centers: HUT tgt raised to $195 at Benchmark after the co recently announced the latest validation point for its model: the commercialization of the second phase of its 1 GW Beacon Point data center campus in Nueces County, Texas. SPCX is laying the groundwork for at least one new large-scale data center in Texas, The Information reported. Such a move could substantially expand SpaceX’s Ai Computing capacity outside its existing data center hub in Memphis, Tenn. The WSJ reported U.S. major U.S. data center developers are exploring sales of controlling equity stakes in transactions collectively valued at tens of billions of dollars. The deals are intended to raise capital for AI infrastructure expansion as demand for compute capacity continues to accelerate.
• In Chemicals: RPM reported Q4 adj EPS of $1.89, beating estimates of $1.85, on revenue of $2.23B vs. the $2.18B consensus, while the board authorized a $700 million increase to its share repurchase program; the company guided fiscal Q1 2027 sales and adjusted EBITDA growth in the mid-single-digit range. APD said it will not proceed with its Louisiana Clean Energy Complex project, a decision that will generate a pre-tax charge in Q3, while the company disclosed it is finalizing a renewable ammonia marketing/distribution agreement with Yara for output from the NEOM Green Hydrogen Project. CE named as a Catalyst Call Buy at Deutsche Banks as believes the Q2 earnings, which will include an update of its 2H EPS guidance of ~$3/shr, will be a catalyst for the shares

• BLFS +5%; as RGEN said it would buy BLFS in a cash-and-stock deal valued at about $1.5B as BioLife shareholders will receive $11.25 in cash and 0.1442 shares of Repligen for each share.
• CBRS +16%; after partnered with CRWD for its Falcon Ai Detection and Response platform using Cerebras' Ai inference technology; said the partnership is aimed at improving the speed of Ai-driven threat detection and response as cyberattacks become more sophisticated and faster.
• CME +6%; Q2 adj EPS of $3.00, beating the average analyst estimate of $2.91, but fell from $3.36 in Q1 while revenue of $1.71B, topped the $1.68B consensus; Q2 clearing and transaction fees dropped to $1.35B from $1.54B in Q1 and $1.39B y/y.
• CRWV +6%; was upgraded to Buy from Hold at Truist saying growing adoption of open models and sovereign AI should broaden demand beyond large hyperscaler customers.
• OKLO +6%; along with shares of XE rise after Bloomberg reported the companies are joining MSFT, NVDA and other partners in a Trump administration-backed $200M initiative to accelerate deployment of advanced nuclear power for AI data centers.
• RKLB +3%; won a $266M U.S. government contract for 12 firm-fixed-price suborbital launches, with an option for six additional launches. The missions will launch from the Pacific Spaceport Complex in Alaska, with work scheduled through December 2028.
• SMCI +23%; shares surged on margin guidance; sees Q4 revenue near low end of $11B-$12.5B vs. consensus $11.73B but sees Q4 GAAP and non-GAAP gross margins to be in the range of 15% to 17% which is significantly higher than guidance of 8.2% to 8.4%.
• T +4%; posted mixed Q2 results as EPS beat/revs miss but Q2 432,000 postpaid phone net adds topped estimates of 338,500 additions; posted record broadband additions, with 367,000 new fiber internet users and 279,000 fixed wireless subscribers due to bundling.

• CALM -4%; after quarterly results miss; Q4 EPS loss (-$0.76) vs. est. $0.08; Q4 revs $552.58M vs. est. $563.8M; said prepared foods production capacity projected to increase over 60% from FY2026 to FY2028; said will not pay cash dividend for Q4.
• CLDX -4%; said its experimental drug barzolvolimab failed in a Phase 2 study in the skin condition prurigo nodularis; is continuing to test the drug in a number of other indications, with data expected in September or October from Phase 3 trials in chronic spontaneous urticaria.
• DYN -5%; as priced an upsized public stock offering, raising about $375M through the sale of 18.3M shares at $20.50 each, up from its initially proposed $300M raise.
• GEV -6%; shares fell as core EPS of $2.47 missed the $3.18 est. while adj. EBITDA $1.25B vs. est. $1.29B, revs beat at $11.10B vs. est. $10.73B and sees Fy revs $45.5B-$46.5B up from prior view of $44.5B-$45.5B on better FCF.
• MNDY -4%; initiates restructuring plan affecting ~20% of workforce; Estimates $45-55M charges; Raises FY26 non-GAAP operating margin to ~15% (prior: ~13%).
• OTIS -2%; as Q2 results beat but the co cuts FY26 adjusted EPS view to $4.01-$4.05 from $4.20-$4.24 (est. $4.19); backs FY26 revenue view $15.1B-$15.3B; lowers FY26 adjusted FCF view to $1.5B-$1.55B and lowers FY26 adj operating profit view to $2.4B from $2.5B.
• PEGA -13%; shares tumbled after results as Q2 adj EPS $0.35 missed consensus est $0.43 on revs rose 09% y/y to $420.7Mm but vs est $426.24Mm; saw Pega Cloud ACV rise 22% yr/yr, but AI market changes slowed overall ACV growth as customers delayed buying decisions.
• RDDT -8%; as WSJ reported RDDT is considering cutting off GOOGL access to its content for AI use as its $60M annual licensing deal nears expiration. Other publishers are also reevaluating Google’s crawler as AI summaries erode referral traffic with USA Today reportedly down ~50% the last year.

Closing Recap

Tuesday, July 21, 2026

US equities flashed green in the pre-market today following a better showing Taiwan exports and a big gain in South Korea’s Kospi overnight as Nasdaq futures were particularly strong at +1.35%.  Recent rally attempts have been sold but this time, stocks extended gains as the day progressed. The good news lending support is earnings are off to a solid start.  Only about 10% of S&P 500 companies have reported, but 92% have beaten estimates thus far with an average beat of 12% versus 8% last year and median yr/yr earnings growth of 19% versus 9% last year.  It’s early, and mostly the financials names, but still a decent showing.  In sentiment today, the Fear and Greed Index registered 40/100 (Fear) today versus last week’s 41 (Fear) and last month’s 37 (Fear), though we’ve seen a couple days of Neutral days.

Mid-morning breadth favored advancers by 5:3 as small caps split versus large caps with IWM (+0.90%) versus SPY (+0.69%) and QQQ (+1.76%).  Sector performance also tilted positive with Technology (+2.54%), Industrials (+0.51%) and Materials (+0.49%) outperforming early, while Utilities (-0.31%), Communications (-0.60%) and Consumer Staples (-0.88%) paced the underperformers with 8 sectors gaining versus 3 declining.

U.S. stocks remained on cruise control thru late afternoon as the semiconductor/AI trade that was punished the first part of July has been strong the last two days, carrying broader markets higher into key earnings results this week (GOOGL, TSLA, INTC, IBM). The PHLX Semiconductor index (SOX) jumped over 5% this afternoon to 12,350 after falling over -10% last week in a bout of profit taking, while AI related plays in data centers, opticals, memory, etc. were leaders once again. Most sectors in the S&P 500 were higher (led by XLK Tech +2.75%) outside of defensive names likes Staples (XLP), REITs (XLRE) and Utilities (XLU). No major economic data today or Fed speakers ahead of the FOMC meeting next week.

• WTI crude futures gained overnight as Iran launched new attacks and Houthis continued to warn of targeting vessels moving to and from Saudi ports.  Kuwait noted Iranian attacks hit power and desalination plants last night while an Amazon datacenter in Bahrain also was struck.  Separately, two oil tankers in the Red Sea were said to have U-turned as a result of Houthi threats.  Later, President Trump stated on a potential Houthis Red Sea blockade, “… if something like that happens, we take care of it.”  September crude settled rose $1.68 or 2.02% to settle at $84.91 per barrel while Brent crude gained $1.79 or 2.01% to settle at $91.01 per barrel.

• Food sector: UTZ to be taken private by Intersnack Group for $14.25 per share in cash in $2.9B deal; transaction will be funded via ~$920M in cash from Intersnack, a $1.1B term loan, a $250M asset-based lending facility, rollover equity from the Rice and Lissette Family, and a $44M tax receivable agreement settlement reinvestment. KHC strikes deal with DIS to supply resorts and tap characters. Disney will serve Kraft Heinz products at its properties throughout North America, and Kraft Heinz will be able to use Disney’s characters on some goods in stores, the report said per Bloomberg News.

• In Lodging & Leisure: HLT was upgraded from In Line to Outperform at Evercore citing the post-summer setup should increasingly favor the company's core midscale exposure, and notes shares (+12% YTD) have lagged full-service Lodging brand peers (+18%) and sharply lagged higher operating leverage Lodging REITs (+41%). TRIP was downgraded to Neutral from Buy at BTIG as views TripAdvisor as "on the wrong side of the AI theme" given its top-of-funnel positioning, where pressure is building and likely to accelerate as the large platforms gain traction in the travel planning process.
• In Leisure Products: in marine sector, HZO was downgraded from Buy to Neutral at B Riley noting the stock has reached their price target. HZO has been the best performer of Briley's Marine coverage YTD, up 40% vs the S&P 500's +9% and the group average of +19% (+12% ex-HZO), with the outperformance, in its view, largely driven by speculation around a potential takeout, rather than fundamentals.

• Utility and Water sector: JP Morgan with a few changes as BEP and BEPC both downgraded to Neutral from Overweight as believes there are stronger risk-reward opportunities elsewhere in its coverage. The firm looks for an update regarding possible consolidation of the complex into one entity, though it is still unclear if/when the consolidation may occur. XYL was downgraded to Neutral as well at JP Morgan and lower tgt to $130 from $140 reflecting lower trading multiples across the peer set and its relatively lower conviction in multi-year growth and margin expansion catalysts.
• In Power and E&C sector: PWR was downgraded to Neutral from OW at JP Morgan and cut tgt to $714 from $805 reflecting lower trading multiples across the peer set; it continues to view PWR as a premium option in its coverage for investors with several-year Horizons, but it believes risk/reward is balanced. The firm said they see better risk reward setup for other EPCs, particularly Overweight-rated MWH, MTZ, PRIM, and AGX.

• Consumer Finance: ALLY mixed results as EPS just missed for Q2 but revs $2.3B beat est. $2.22B as auto lending momentum drives the quarter; Q2 Net interest margin (ex. OID): 3.63%, +18 bps y/y and consumer auto originations: $13.3B, supported by a record 4.6M applications; SYF Q2 EPS $2.59 vs. est. $2.13; Q2 net income fell 8% yr/yr to $885M; Q2 tangible book value per share $42.01; Q2 CET1 capital ratio 13.2%; Q2 Revenue of $3.72B (+1.9% Y/Y) misses by $10M.
• In Banks: BOKF core Q2 EPS at $2.45 vs est. $2.47 as revenues were below expectations mostly due to soft fee revenues, but the NIM also improved slightly less than anticipated (+1bp to 2.91%) due to cash margin posted on behalf of energy customers. WTFC operating EPS of $3.21, above consensus at $3.14 driven by a lower LLP (EPS: +$0.10) and stronger core fee Income (+$0.06) that were only partially offset by softer NII (-$0.05) and higher operating expenses (-$0.04) said Piper while PPNR came in 1% Light of consensus. ZION Q2 EPS of $1.68, which topped consensus of $1.57 due to a lower LLP (EPS: +$0.12), better fees (+$0.02) and a lighter tax rate (+$0.01) partly offset by weaker NII (-$0.04), but Piper noted core PPNR missed the Street by $0.03 or 1.6%.

• Credit reporting firm EFX shares fall as Q2 results topped estimates but guided annual adj. EPS between $8.39- $8.69, the mid-point of which is below estimates of $8.60 while also trimmed the top end of its EPS forecast to $8.69 from $8.74; also signs agreement to buy Mexican credit bureau Círculo de Crédito for $750M

• GILD and MRK announced that the detailed outcomes from the Phase 3 ISLEND-1 and ISLEND-2 trials will be presented for the first time at the 26th International AIDS Conference.
• NVS reported earnings and said it was suing rival LLY in U.S. federal court, claiming Lilly compares the highest doses of Zepbound and Mounjaro against lower doses of Wegovy and Ozempic, while omitting newer approved dosing options. Novo is seeking a permanent injunction and corrective advertising and may ask the court to block the campaigns immediately if Lilly does not pull them voluntarily.
• Life Sciences: DHR shares fell after reported a top and bottom line beat, but guidance disappoints as guides FY outlook adj EPS $8.45-8.60 (had seen $8.35-$8.55) vs. est. $8.45 but guides its FY26 rev growth outlook to up +3-4% (down from prior view of up 3%-6%) – shares of A, TMO, RVTY, ILMN slipped early in sympathy.

• In Aerospace: BA asked the U.S. government to seek greater transparency from the European Union over a EU3B ($3.43B) financing package for Airbus (EADSY), Reuters reported. The request shows revived concerns about government support for aircraft manufacturers despite a recently extended truce. SPCX shares rallied, snapping its 7-day losing streak.
• In Defense sector: NOC shares fell despite Q2 beat as revs of $10.88B rise 5% y/y and top ests $10.81B while Q2 EPS was $7.68, down from prior year due to divestiture gain in 2025; also raised 2026 sales and MTM-adjusted EPS guidance on strong demand and record backlog and ups sales view to $43.75B-$44.25B.

• Metals & Mining: precious metals rebound with gold and silver miners (AG, AEM, NEM, PAAS, HL) rallying behind a jump in prices for the physical metals;

• Communications & Networking: CALX shares tumbled after Q2 results beat but guides Q3 lower; Q2 adj. EPS $0.47 vs est $0.40; Q2 sales $293.329M vs est $289.950M; sees Q3 adj EPS $0.37-$0.45 vs $0.46 Est and Q2 sales $301M-$307M vs $301.6M estimate. VICR shares fell after results and guidance.

• Software news: MSFT and Mistral AI expand their partnership through a multibillion dollar European infrastructure deal using thousands of NVDA Vera Rubin GPUs. The deal lets regulated industries run the same models across cloud and offline environments while retaining control of their data. META said it is adding the MSFT Xbox Game Pass starter edition to its Meta Horizon+ subscription service, expanding its Gaming offering on Quest virtual reality headsets.

• TSM is set to raise prices for both advanced and mature chip production services by up to 10% in 2027, Nikkei Asia reported on Tuesday, citing multiple sources.
• Samsung Electronics launched its first U.S. co-branded credit card with Barclays, deepening its push into the financial services space. The Samsung Galaxy Card, issued by Barclays and running on Visa's (V) network, will allow users to apply, manage accounts, track spending and redeem rewards entirely through Samsung Wallet. The card offers 5% cash back on Samsung purchases and additional rewards.

Street Recommendations

Wednesday, July 22, 2026

• EQT Barclays raised the firm's price target on EQT Corporation to $70 from $69 and keeps an Overweight rating on the shares. The company reported another operational beat in Q2 while its new power and midstream agreements continue to de-risk Appalachian growth, the analyst tells investors in a research note.
• GM Barclays analyst Dan Levy raised the firm's price target on General Motors to $110 from $105 and keeps an Overweight rating on the shares post the Q2 report. The company upped its 2026 outlook on stronger pricing and warranty benefit, but it remains conservative, the analyst tells investors in a research note. The firm says GM's 2027 was guided to growth, implying $16B of EBIT. Barclays believes buybacks will continue supporting GM's earnings growth.
• HAL Barclays lowered the firm's price target on Halliburton to $53 from $55 and keeps an Overweight rating on the shares. The company reported in-line Q3 results, but the Q3 outlook was below expectations due to a number of moving parts, the analyst tells investors in a research note.
• IBKR Barclays raised the firm's price target on Interactive Brokers to $114 from $108 and keeps an Overweight rating on the shares. The company's Q2 earnings were ahead of the Street, helped by a net interest income beat driven by higher security lending revenues, the analyst tells investors in a research note. Barclays says management struck a confident tone on retail engagement, the i-broker pipeline, and ongoing product expansion.
• SMCI Barclays raised the firm's price target on Super Micro to $38 from $34 and keeps an Equal Weight rating on the shares. The company released a preliminary business update with June quarter revenue estimated at the low end of its existing $11B-$12.5B guidance, but with gross margin forecasted in the range of 15%-17%, materially above prior guidance of 8.2%-8.4%, the analyst tells investors in a research note. The firm says Super Micro also announced orders of over $60Bn received in the quarter.

• CNP BofA analyst Ross Fowler lowered the firm's price target on CenterPoint Energy to $43 from $44 and keeps a Neutral rating on the shares. The firm models Q2 core EPS of 36c and expects management to reaffirm its FY26 EPS guidance of $1.89-$1.91 as well as its standalone long-term growth targets, the analyst tells investors.

• ABBV Canaccord raised the firm's price target on AbbVie to $282 from $273 and keeps a Buy rating on the shares. The firm updated its model ahead of Q2 results where they expect a solid quarter based on key Rx trends and other recent positive developments.
• CLDX Canaccord lowered the firm's price target on Celldex to $60 from $62 and keeps a Buy rating on the shares. The firm updated its model after the company reported that the Phase II study for barzolvolimab in PN missed on the primary and key secondary efficacy endpoints with no difference demonstrated in the treatment group versus.PBO. The company is discontinuing the PN program.

• ADP Cantor Fitzgerald raised the firm's price target on ADP to $295 from $244 and keeps an Overweight rating on the shares. Despite macro uncertainty from geopolitical tensions and oil price volatility, fintech earnings expectations remain achievable, with payments benefiting from higher prices and lend-tech and payroll/HCM companies supported by stable employment trends and a constructive credit environment, the analyst tells investors in a research note.
• AFRM Cantor Fitzgerald raised the firm's price target on Affirm to $88 from $80 and keeps an Overweight rating on the shares. Despite macro uncertainty from geopolitical tensions and oil price volatility, fintech earnings expectations remain achievable, with payments benefiting from higher prices and lend-tech and payroll/HCM companies supported by stable employment trends and a constructive credit environment, the analyst tells investors in a research note.
• WU Cantor Fitzgerald lowered the firm's price target on Western Union to $8 from $9 and keeps an Underweight rating on the shares. Despite macro uncertainty from geopolitical tensions and oil price volatility, fintech earnings expectations remain achievable, with payments benefiting from higher prices and lend-tech and payroll/HCM companies supported by stable employment trends and a constructive credit environment, the analyst tells investors in a research note.
• FISV Cantor Fitzgerald analyst Ramsey El-Assal lowered the firm's price target on Fiserv to $53 from $62 and keeps a Neutral rating on the shares. Despite macro uncertainty from geopolitical tensions and oil price volatility, fintech earnings expectations remain achievable, with payments benefiting from higher prices and lend-tech and payroll/HCM companies supported by stable employment trends and a constructive credit environment, the analyst tells investors in a research note.
• CLDX Cantor Fitzgerald lowered the firm's price target on Celldex to $61 from $67 and keeps an Overweight rating on the shares. Celldex's Phase 2 barzolvolimab trial in prurigo nodularis failed to meet endpoints, leading to program discontinuation, but Cantor remains focused on the company's chronic spontaneous urticaria opportunity, which is viewed as undervalued despite the setback, the analyst tells investors in a research note.

• FTNT Citi analyst Fatima Boolani raised the firm's price target on Fortinet to $165 from $115 and keeps a Neutral rating on the shares ahead of the Q2 report. The firm cites higher multiples for the target boost with the shares doubling year-to-date.
• PFGC Citi analyst Karen Holthouse raised the firm's price target on Performance Food Group to $143 from $135 and keeps a Buy rating on the shares. The firm adjusted targets in the food distributor space as part of a Q2 earnings preview. Citi expects a positive tone on fundamentals, but says higher oil prices and perceived cyclospora risks are factors for the stocks.
• SYY Citi raised the firm's price target on Sysco to $82 from $80 and keeps a Neutral rating on the shares. The firm adjusted targets in the food distributor space as part of a Q2 earnings preview. Citi expects a positive tone on fundamentals, but says higher oil prices and perceived cyclospora risks are factors for the stocks.
• USFD Citi analyst Karen Holthouse lowered the firm's price target on US Foods to $110 from $111 and keeps a Buy rating on the shares. The firm adjusted targets in the food distributor space as part of a Q2 earnings preview. Citi expects a positive tone on fundamentals, but says higher oil prices and perceived cyclospora risks are factors for the stocks.
• AEIS Citi raised the firm's price target on Advanced Energy to $435 from $410 and keeps a Buy rating on the shares ahead of the June quarter earnings report on August 3. Citi is a buyer of the stock into earnings citing the recent sector pullback. The firm's analysis suggests Advanced Energy's serviceable addressable market opportunity can grow at 20% annually through 2030.

• CE Deutsche Bank analyst David Begleiter placed a "Catalyst Call: Buy" on shares of Celanese as a short-term investment idea. The company's Q2 report on August 4 will be a catalyst for the shares, the analyst tells investors in a research note.

• VLO Goldman Sachs analyst Neil Mehta raised the firm's price target on Valero to $357 from $286 and keeps a Buy rating on the shares. Heading into Q2 earnings, the outlook for large-cap refiners remains constructive as tighter supply-demand fundamentals support higher refining margins, positive earnings estimate revisions, and continued focus on margin sustainability, shareholder returns, and further upside potential, the analyst tells investors in a research note.
• MPC Goldman Sachs raised the firm's price target on Marathon Petroleum to $376 from $291 and keeps a Buy rating on the shares. Heading into Q2 earnings, the outlook for large-cap refiners remains constructive as tighter supply-demand fundamentals support higher refining margins, positive earnings estimate revisions, and continued focus on margin sustainability, shareholder returns, and further upside potential, the analyst tells investors in a research note.
• DINO Goldman Sachs raised the firm's price target on HF Sinclair to $109 from $81 and keeps a Buy rating on the shares. Heading into Q2 earnings, the outlook for large-cap refiners remains constructive as tighter supply-demand fundamentals support higher refining margins, positive earnings estimate revisions, and continued focus on margin sustainability, shareholder returns, and further upside potential, the analyst tells investors in a research note.
• PSX Goldman Sachs analyst Neil Mehta raised the firm's price target on Phillips 66 to $235 from $207 and keeps a Neutral rating on the shares. Heading into Q2 earnings, the outlook for large-cap refiners remains constructive as tighter supply-demand fundamentals support higher refining margins, positive earnings estimate revisions, and continued focus on margin sustainability, shareholder returns, and further upside potential, the analyst tells investors in a research note.

• MTZ Guggenheim analyst Joseph Osha raised the firm's price target on MasTec to $518 from $480 and keeps a Buy rating on the shares. Following the close of the Superior Group acquisition on July 20, the firm is now incorporating it into its model, resulting in higher power delivery segment revenue and EBITDA margins, the analyst tells investors.
• DDOG Guggenheim raised the firm's price target on Datadog to $300 from $225 and keeps a Buy rating on the shares. Based on channel checks, the firm expects Q2 revenue to grow 35% year-over-year, which it believes is the buyside expectation and above consensus and guidance at 30%, the analyst tells investors in a preview.

• ASR JPMorgan downgraded Asur to Underweight from Neutral with a price target of MXN 615, down from MXN 635. JPMorgan adjusted ratings in the Mexico airport group citing traffic momentum. Asur's "persistent weakness" in traffic performance is likely to continue weighing on results in the near term, limiting the stock's re-rating potential, the analyst tells investors in a research note.
• CCK JPMorgan downgraded Crown Holdings to Neutral from Overweight with a price target of $121, up from $107. Crown benefited from 5% volume expansion in the "mature" North American market, with potentially half of the growth coming from strength in beer and other beverages from consumption by World Cup fans, the analyst tells investors in a research note. JPMorgan cites valuation for the downgrade post the World Cup volume benefits.
• CALX JPMorgan analyst Joseph Cardoso lowered the firm's price target on Calix to $58 from $65 and keeps an Overweight rating on the shares. The company reported a Q2 earnings beat, but softer gross margins, driven by higher than anticipated memory costs, overshadowed the result, the analyst tells investors in a research note. JPMorgan says Calix expects Q3 to mark a floor for margins as it applies higher surcharge rates to new orders to reach a gross profit dollar neutral outcome. The firm views current share levels as an attractive entry point and risk/reward, noting Calix is still on course to deliver revenue and earnings growth of 15%-plus and 30%-plus, respectively.
• EYPT JPMorgan lowered the firm's price target on EyePoint to $30 from $33 and keeps an Overweight rating on the shares. The firm views the stock's 30% drop year-to-date as presenting an opportunity. EyePoint's second half of 2026 could be "transformational" if the company is able to deliver on data that should enable regulatory approval and commercial success for Duravyu in wet AMD, the analyst tells investors in a research note.

• PATK KeyBanc lowered the firm's price target on Patrick Industries to $115 from $125 and keeps an Overweight rating on the shares. Given muted RV shipments and retail through May, as well as softer reads from recent prints and recent spot checks, the firm is lowering its Patrick Industries estimates and price target to account for an incrementally softer end market.

• WELL Mizuho raised the firm's price target on Welltower to $260 from $239 and keeps an Outperform rating on the shares. The firm adjusted targets in the healthcare real estate investment trust group as part of a Q2 earnings preview. Being long senior housing is consensus, but increasingly investors are debating multiples, the analyst tells investors in a research note.
• PINS Mizuho raised the firm's price target on Pinterest to $31 from $30 and keeps an Outperform rating on the shares. The firm adjusted targets in the advertising space as part of a Q2 earnings preview. Mizuho likes Meta Platforms shares into earnings, seeing upside potential to estimates and a path for the multiple to expand. The firm expects more mixed results from Pinterest and Snap, saying they are further behind on AI improvements and competing with larger and emerging players for ad dollars.
• SNAP Mizuho analyst Lloyd Walmsley lowered the firm's price target on Snap to $5 from $6 and keeps a Neutral rating on the shares. The firm adjusted targets in the advertising space as part of a Q2 earnings preview. Mizuho likes Meta Platforms shares into earnings, seeing upside potential to estimates and a path for the multiple to expand. The firm expects more mixed results from Pinterest and Snap, saying they are further behind on AI improvements and competing with larger and emerging players for ad dollars.
• MGY Mizuho lowered the firm's price target on Magnolia Oil & Gas to $33 from $35 and keeps an Outperform rating on the shares. The firm sees a high bar of execution for the WildFire Energy acquisition.

• VNO Morgan Stanley analyst Ronald Kamdem downgraded Vornado to Underweight from Equal Weight with an unchanged price target of $32. The firm says the shares trade at an "expensive" valuation. Vornado's "elevated" capital expenditures will be a headwind to its free cash flow, the analyst tells investors in a research note.
• HAL Morgan Stanley analyst Joe Laetsch lowered the firm's price target on Halliburton to $40 from $41 and keeps an Overweight rating on the shares. The firm lowered estimates on a softer near-term outlook, but says Halliburton remains well positioned in key growth markets, including Latin America, the Middle East, Europe, and West Africa.
• CLDX Morgan Stanley lowered the firm's price target on Celldex to $40 from $44 and keeps an Overweight rating on the shares after the Phase 2 study of barzolvolimab in prurigo nodularis did not meet the primary or key secondary endpoints at Week 12 and did not demonstrate improvements over longer treatment with either dose level. Though a "disappointment," most of the firm's model continues to be driven by chronic urticaria, the analyst tells investors.
• EFX Morgan Stanley lowered the firm's price target on Equifax to $225 from $243 and keeps an Overweight rating on the shares. Q2 results were mixed and 2026 guidance was narrowed, as the Government unit weighed on results, but saw strong new business wins, the analyst tells investors in a post-earnings note.

• MBWM Piper Sandler raised the firm's price target on Mercantile Bank to $65 from $60 and keeps a Neutral rating on the shares. The firm notes the company posted strong Q2 results given 3% PPNR upside driven by greater net interest margin expansion and a pick-up in loan growth as payoffs moderated as expected. Credit quality remained pristine with a third consecutive quarter of net recoveries and as NPLs further stepped down LQ. Piper continues to view Mercantile as an attractive long-term holding given its solid organic growth outlook, expanding net interest margin outlook, and strong profitability metrics.
• OFG Piper Sandler analyst Manuel Navas raised the firm's price target on OFG Bancorp to $56 from $48 and keeps a Neutral rating on the shares. The firm notes shares moved higher on strong Q2 results as net interest margin surprisingly expanded and drove a better outlook, credit improved on both dispositions and past shifts to higher FICO bands showing through, and solid balance sheet growth. Piper believes shares are largely fairly valued given a higher perceived risk at OFG due to its auto book and a slower 2027 growth profile.
• PEBO Piper Sandler raised the firm's price target on Peoples Bancorp to $46 from $43 and keeps an Overweight rating on the shares. The firm notes the company delivered solid results in Q2 as stronger net interest income on greater net interest margin expansion drove 4% PPNR upside.
• WTFC Piper Sandler lowered the firm's price target on Wintrust Financial to $186 from $188 and keeps an Overweight rating on the shares. While PPNR in Q2 disappointed largely due to net interest margin pressure tied to some seasonal factors negatively impacting loan yields, the firm remains bullish on Wintrust given likely multiple expansion further above peers as it executes on above average operating leverage via its superior organic balance sheet growth prospects.

• ROP Raymond James analyst Brian Peterson downgraded Roper Technologies to Market Perform from Strong Buy after assuming coverage of the name. Roper remains an attractive vertical software company with strong free cash flow and durable customer relationships, though its valuation appears fair and near-term upside may depend on a recovery in merger and acquisition activity, the analyst tells investors in a research note.

• SYF RBC Capital analyst Jon Arfstrom lowered the firm's price target on Synchrony to $80 from $85 and keeps a Sector Perform rating on the shares after its Q2 results. Fundamentals were consistent with expectations with a more modest provision supporting EPS, the analyst tells investors in a research note. The firm adds that it is encouraged by the building momentum and expects margin improvement and accelerating loan growth over the remainder of the year.
• KEY RBC Capital raised the firm's price target on KeyCorp to $25 from $24 and keeps an Outperform rating on the shares after its Q2 earnings beat. In 2026 and 2027, KeyCorp will continue to see stronger net interest income growth due to the repositioning of the bond portfolio and continued commercial loan growth attributed to its focus on its seven industry verticals, the analyst tells investors in a research note. RBC adds that KeyCorp will continue to have the optionality on how best to leverage its capital with adroit balance sheet management and stock buybacks.
• GM RBC Capital analyst Tom Narayan raised the firm's price target on General Motors to $100 from $94 and keeps an Outperform rating on the shares. The company's Q2 earnings beat reflects the durability of the company's pricing power and cost execution, the analyst tells investors in a research note. RBC adds it is positive on GM's long-term margin expansion opportunity through Super Cruise, energy storage, GM Defense, and GM Insurance.

• CPB Stifel raised the firm's price target on Campbell's to $22 from $20 and keeps a Hold rating on the shares. Across the firm's food coverage, the analyst approaches Q2 with caution, noting that weak consumption trends continued into the second quarter, the analyst tells investors in a preview for the group.
• BRBR Stifel raised the firm's price target on BellRing Brands to $15 from $14 and keeps a Buy rating on the shares. Across the firm's food coverage, the analyst approaches Q2 with caution, noting that weak consumption trends continued into the second quarter, the analyst tells investors in a preview for the group.

• NOC Susquehanna lowered the firm's price target on Northrop Grumman to $655 from $785 and keeps a Positive rating on the shares. The firm updated its model solid 2Q26 earnings results with revenue coming in aslightly ahead of estimates and full-year guidance was increased for sales and earnings per share. The firm said they expect the margin weakness factored into the stock performance following the report they remain confident in the company's longer-term positioning given accelerating demand across several of its highest-priority programs and franchises.

• KFRC Truist analyst Tobey Sommer raised the firm's price target on Kforce to $60 from $38 and keeps a Hold rating on the shares as part of a broader research note on Human Capital stocks following the firm's participant survey. Truist states it has observed a slight increase in Healthcare staffing momentum as respondents' net forward optimism was up 6% compared to down 6% in the previous quarter, and multiple participants noted that Travel Nurse job orders have increased significantly over the last two to three months, but have yet to see a corresponding volume increase, the analyst tells investors in a research note. Private IT companies also noted a stable IT Staffing market, but stronger activity for IT Consulting resulting from robust ERP demand to support AI readiness, the firm added.
• RHI Truist analyst Tobey Sommer raised the firm's price target on Robert Half to $50 from $40 and keeps a Buy rating on the shares as part of a broader research note on Human Capital stocks following the firm's participant survey. Truist states it has observed a slight increase in Healthcare staffing momentum as respondents' net forward optimism was up 6% compared to down 6% in the previous quarter, and multiple participants noted that Travel Nurse job orders have increased significantly over the last two to three months, but have yet to see a corresponding volume increase, the analyst tells investors in a research note. Private IT companies also noted a stable IT Staffing market, but stronger activity for IT Consulting resulting from robust ERP demand to support AI readiness, the firm added.
• AMN Truist raised the firm's price target on AMN Healthcare to $40 from $26 and keeps a Buy rating on the shares as part of a broader research note on Human Capital stocks following the firm's participant survey. Truist states it has observed a slight increase in Healthcare staffing momentum as respondents' net forward optimism was up 6% compared to down 6% in the previous quarter, and multiple participants noted that Travel Nurse job orders have increased significantly over the last two to three months, but have yet to see a corresponding volume increase, the analyst tells investors in a research note. Private IT companies also noted a stable IT Staffing market, but stronger activity for IT Consulting resulting from robust ERP demand to support AI readiness, the firm added.
• NSP Truist analyst Tobey Sommer raised the firm's price target on Insperity to $52 from $35 and keeps a Hold rating on the shares as part of a broader research note on Human Capital stocks following the firm's participant survey. Truist states it has observed a slight increase in Healthcare staffing momentum as respondents' net forward optimism was up 6% compared to down 6% in the previous quarter, and multiple participants noted that Travel Nurse job orders have increased significantly over the last two to three months, but have yet to see a corresponding volume increase, the analyst tells investors in a research note. Private IT companies also noted a stable IT Staffing market, but stronger activity for IT Consulting resulting from robust ERP demand to support AI readiness, the firm added.
• TNET Truist analyst Tobey Sommer raised the firm's price target on TriNet to $62 from $50 and keeps a Hold rating on the shares as part of a broader research note on Human Capital stocks following the firm's participant survey. Truist states it has observed a slight increase in Healthcare staffing momentum as respondents' net forward optimism was up 6% compared to down 6% in the previous quarter, and multiple participants noted that Travel Nurse job orders have increased significantly over the last two to three months, but have yet to see a corresponding volume increase, the analyst tells investors in a research note. Private IT companies also noted a stable IT Staffing market, but stronger activity for IT Consulting resulting from robust ERP demand to support AI readiness, the firm added.

• NOC UBS raised the firm's price target on Northrop Grumman to $685 from $666 and keeps a Buy rating on the shares. Northrop Grumman's long-term outlook remains favorable, supported by strong defense program growth, raised revenue guidance, and improving free cash flow visibility, although sentiment is likely to improve only after cleaner execution and clearer evidence of accelerating growth, the analyst tells investors in a research note.
• ZIP UBS raised the firm's price target on ZipRecruiter to $4.50 from $4 and keeps a Neutral rating on the shares. ZipRecruiter is expected to deliver a stronger-than-expected Q2, supported by improving job listings, modest revenue growth, and potential upside to EBITDA and free cash flow following recent operational improvements and debt repurchases, the analyst tells investors in a research note.
• SCHW UBS analyst Michael Brown raised the firm's price target on Charles Schwab to $128 from $122 and keeps a Buy rating on the shares. Charles Schwab delivered a beat-and-raise quarter, but shares lagged due to elevated expectations and concerns that upside was driven more by trading activity than core growth, though strong client engagement and improved trading, lending, and tax-advantaged strategy demand support higher earnings estimates, the analyst tells investors in a research note.
• MMM UBS raised the firm's price target on 3M to $218 from $190 and keeps a Buy rating on the shares. 3M is in the early stages of a multi-year growth acceleration, with the benefits of its expanding new product pipeline only beginning to materialize, the analyst tells investors in a research note.

• GM Wells Fargo analyst Colin Langan raised the firm's price target on General Motors to $61 from $60 and keeps an Underweight rating on the shares. The firm notes the company reported a beat and full year guide raise on pricing and warranty help. Wells remains bearish given market share and cost concerns.
• CBRL Wells Fargo raised the firm's price target on Cracker Barrel to $60 from $50 and keeps an Overweight rating on the shares. The firm notes Q4 comparable sales are trending above guide, sale and leaseback aids balance sheet, and shedding Maple Street Biscuit is a small win. Net, Wells sees more good than bad in this update, and expects further runway for shares as FY27 expectations move higher.
• PFG Wells Fargo analyst Wes Carmichael lowered the firm's price target on Principal Financial to $113 from $114 and keeps an Equal Weight rating on the shares. The firm notes the company released an 8-K detailing AUM for its Asset Management operations. The 8-K discloses that FX, market performance, and other items that not included in net flows had a 6.4% positive impact as a percentage of beginning period AUM.
• STLD Wells Fargo analyst Timna Tanners lowered the firm's price target on Steel Dynamics to $275 from $291 and keeps an Overweight rating on the shares. The firm notes Q2 topped light guidance amid outages and squeezed downstream margins. Aluminum profits should inflect in the second half of the year, supported by its ramp up, qualification progress, and aluminum-scrap spreads, Wells adds. The firm stays bullish on strong free cash flow, even as steel prices near a peak.
• MSCI Wells Fargo lowered the firm's price target on MSCI to $690 from $700 and keeps an Overweight rating on the shares. The firm notes net-new came in below expectations driven by lumpiness in high-ticket new product launches. EBITDA expense guidance was raised above Street to reflect recent acquisitions and momentum in AUM-linked products, while free cash flow guidance was also raised, Wells adds.

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: AGNC AMC BOKF CALX CCK HBCP MCRI RBB SFBS STLD WASH WRB WTFC ZION

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AIR ALK BWB CB COF EQT EWBC FFBC HAFC HWC IBKR KREF MCB NLY NP NPB ORRF OZK PEGA RRC TFIN TRST WAL WBS WSBC

• 10:30 AM ET                 Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $13B in 20-year notes

• Earnings After the Close: AVB BANR BDN CASH CATY CCI CCS CSX CYH EFSC EGBN EGP ELS EPRT EQR FAF FR FRME FSBC FULT GGG GL GOOGL GSHD GTY HBNC IBM KALU KMI KNX LBRT LOV LUV MEDP MMLP MOH NOW NTST OBK OII PKG PNFP QCRH QS RELL RGP RJF RLI RNR ROL RS SEIC SLG SON STC TCBI TSLA TXN URI WCN WEX

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   National Activity index for June
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for July

• Earnings After the Close: ABCB AMTB APPF ASB ATRC BFST BY BYD COLB CUBI DECK DLR EBC ENVA EW FIBK FISI FRST GBCI HIG INTC JAKK KN KNSL MRTN MXL NEM ORC OVV PECO PINE REXR RNG SAM SAP SCHL SIGI SKYW SLM SSB SSNC USCB UVE VRSN WKC WSFS

• 9:45 AM ET S&P Global Services PMI, June-flash
• 9:45 AM ET S&P Global Composite PMI, June-flash
• 10:00 AM ET                 New Home Sales M/M for June
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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