Early Look

Friday, August 14, 2026

Another day, another record for Wall Street as the S&P 500 ended the day at yet another all-time high, the 27th of the year, just closing shy of 7,800 for the first time after hitting a fresh intraday high of 7,816.70 on broad strength, but technology was again the leader with the XLK now up 32.5% year-to date. The S&P 500 and Nasdaq are on track for weekly gains and looking higher overnight ahead of key monthly retail sales data at 8:30 am et. Slightly cooler PPI and CPI inflation data the last few days has sparked more buying interest as the data renewed hopes that Fed rate hikes are pushed out (which followed weaker employment data last Friday). In Asian markets, The Nikkei Index advanced 405 points to 68,713, the Shanghai Index was little changed at 3,927, and the Hang Seng Index fell -279 points to 25,116. In Europe, the German DAX is up 181 points to 26,481, while the FTSE 100 slips -8 points to 10,764. In tech overnight, shares of semi equipment maker AMAT declines despite stronger quarterly results. In defense, drone stocks are rising after President Trump bolsters National Security and strengthens U.S. supply chains by imposing tariffs on drones and their Parts and components. Overall, a strong week for energy (XLE) rising over 6% and more than 1% gains for Healthcare (XLV), Tech (XLK) and Financials (XLF).

• The Dow Jones Industrial Average rose 69.72 points, or 0.13%, to 53,839.99
• The Nasdaq Composite gained 214.54 points, or 0.81%, to 26,803.03
• The Russell 2000 Index advanced 7.37 points, or 0.24% to 3,052.86

• 8:30 AM ET                   Retail Sales Ex: Autos M/m for July…est. +0.2% (prior -0.2%)
• 10:00 AM ET                 Business Inventories M/M for June…est. +0.1%
• 10:00 AM ET                 University of Michigan Confidence Aug-prelim…est. 54.5
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Tyson Foods (TSN) noted it is closing beef plant in Joslin, Illinois; selling plant in Pasco, Washington; and shuttering case-ready facility in Eagle Mountain, Utah; will consolidate beef business at its locations in Amarillo, Texas; Dakota City, Nebraska; and Holcomb, Kansas.

• York Space Systems (YSS) Q2 revs rose 10% y/y to $92.5M vs. est. $89.4M as increase was primarily driven by growth in York's major government programs; but sees FY revs $375M-$405M below consensus $557.6M; reported Q2 gross margins rose 13 percentage points to 24% and posted Q2 net loss (-$39.3M); Q2 Backlog stood at $592M, down 8% from $642.3M on March 31, and up 9% from the start of the year.
• In the defense sector, President Trump bolsters national security and strengthens U.S. supply chains by imposing tariffs on drones and their parts and components. A proclamation signed by Trump imposes a 100% ad valorem tariff on drones of a certain size or with certain capabilities that are particularly sensitive for national security purposes, the White House said, adding that a tariff of 25% will be imposed on drones that are smaller in size. (watch drone names AVAV, DPRO, ONDS, RCAT, UMAC, DRNZ) and rebuilds the U.S. Navy and America’s Shipbuilding industrial base (watch shares of HII)

• International Money Express (IMXI) shares rose 25% after the company gained approval from New York regulators to be acquired by Western Union (WU). The New York State Department of Financial Services is allowing the deal between the two cross-border payment companies on certain conditions. Western Union made certain commitments to the regulator with respect to remittance services and locations in New York following the deal, the companies said, without specifying what those commitments will be.
• Nu Holdings (NU) Q2 net profit $1.06B vs consensus est. $967.2M; Q2 revs $5.88B vs est. $5.60B; Q2 Consolidated loan book $39.4B; Q2 90-day default ratio 6.9%
• StoneCo Ltd. (STNE) Q2 net profit 583M reais vs est. 600 mln reais and Q2 total revenue 3.6B reais vs estimate 3.7B reais; Q2 net income of R$2.16B for the six months ended June 30, 2026, up 93% y/y; and total revenue and income from continuing operations rose 4.43% to R$7.17B.

• Capricor Therapeutics (CAPR) shares more than double after saying the FDA agreed to review new data on its Duchenne muscular dystrophy therapy, deramiocel. The company plans to submit additional trial data showing benefits in upper limb muscle function. The agency's decision was expected by August 22.
• Celcuity (CELC) Q2 EPS loss (-$1.07) vs. est. loss (-$1.16); Q2 operating loss (-$66.1M) and Q2 net income loss (-$58.7M) vs. est. loss (-$60.5M); said made monumental progress these past few months, achieving critical clinical and regulatory milestones related to gedatolisib.
• Eton Pharmaceuticals (ETON) Q2 adj. EPS $0.43 vs. est. $0.10; revenue $37.6Mm vs. est. $27.1Mm; gross profit $25.4Mm; operating Income $12.8Mm vs est $3.927Mm; FY revenue guidance more than $145Mm vs. est. $121.3Mm; FY adj. EBITDA margin guidance at least 35%.
• Heartflow Inc. (HTFL) Q2 adj. EPS ($0.07) vs. est. ($0.13); revenue $64.1Mm vs. est. $56.6Mm, +48% YoY; gross profit $53.2Mm; gross margin 83.0%; adj. operating loss $7.9Mm; adj. EBITDA ($6.7Mm) vs est ($11.64Mm); FY revenue guidance $246Mm-$250Mm vs est $230.07Mm.
• Nektar Therapeutics (NKTR) Q2 EPS loss (-$1.23) vs. est. loss (-$1.97); Q2 revs $10.1M, operating loss (-$42.3M); notes initiated the first Phase 3 ZENITH AD trials in atopic dermatitis in July, and we plan to start a single registrational Phase 3 study in alopecia areata in early 2027.
• PetMed Express (PETS) Q1 revs $41M and adj Ebitda (-$3.4M) with EPS loss (-$0.28); Q1 operating loss (-$6.23M) and Q1 operating expenses were $17.6M; said acquired 70,000 new customers while reducing our cost of acquiring a new customer by 15% y/y.

• Blaize (BZAI) shares fall; reports Q2 revenue $12M vs. est. $12.28M; Q2 net loss was (-$28.8M) vs. a net loss of (-$22.7M) q/q and (-$29.6M) y/y; Q2 adjusted EBITDA loss was (-$20.9M) vs. adjusted EBITDA loss of (-$13.9M) in Q1 and (-$12.9M) y/y; sees 2026 revenue at $40M-$43M, down from prior outlook.
• Globant SA (GLOB) shares fall; Q2 adj EPS $1.40 vs est $1.50 on revs $614.4Mm vs est $613.06Mm, adj gr mgn 36.5%; guides Q3 revs $607-615Mm vs est $625.79Mm and adj EPS $1.43-1.59 vs est $1.59; sees FY revs $2.428-2.462B vs est $2.473B.
• Lam Research (LRCX) said it intends to invest more than $3B in next five years to expand global research & development lab network; planned multi-site expansion expected to add infrastructure & capabilities to increase experiment capacity by more than 50%.
• Newsmax (NMAX) Q2 EPS $0.02 vs. est. loss (-$0.03); Q2 revs $54.11M vs. est. $48.6M; affirms FY sales guidance of $212M-$216M vs. est. $213.2M; Q2 Adjusted EBITDA rose to $5.7M vs. year ago loss (-$3.8M); says affiliate fee revenue more than doubled to $13.4M and licensing revenue rose to $4.6M.
• OpenAI is on track to generate annualized revenue > $40b based on its current performance, driven in part by the growth of its AI coding software and subscription sales.
• Reddit Inc. RDDT) will replace AvalonBay Communities Inc. (AVB) in the S&P 500 effective prior to the opening of trading on Tuesday, August 18. S&P 500 constituent Equity Residential (EQR) is acquiring AvalonBay Communities in a deal expected to be completed soon, pending final conditions.
• TSS Inc. (TSSI) Q2 EPS $0.05 vs. est. $0.08; revenue $35.1Mm vs. est. $47.1Mm; gross profit $8.0Mm; operating Income $1.6Mm; FY adj. EBITDA guidance at the upper end of $20Mm-$22Mm vs est $22.1Mm; second half expected stronger than first half.
• Vuzix (VUZI) Q2 EPS ($0.09) vs est ($0.11) on revs $1.113Mm vs est $1.5Mm.

Mid-Morning Look

Friday, August 14, 2026

U.S. stocks trying to hold record highs for the S&P 500 around 7,800, on track for weekly gains as the combination of better inflation data this week (CPI, PPI) following softer jobs data last Friday, give hope to no rate hikes from the Fed in their upcoming September policy meeting, boosting Smallcaps, interest rate sensitive names and lending or mortgage/housing related names. This morning more weak data as the July retail sales figure showed a decline of -0.6% last month, its worst reading in over a year. Coming into the week, the big question was whether hot inflation would force the Federal Reserve into hiking interest rates at its September meeting. The market is now pricing in only a 30% chance of a September rate hike, according to the CME FedWatch tool, down from around 45% a week ago. Energy (XLE) is the big winner thus far on the week rising 7.8% (now +38% YTD) after the US resumed the blockade of the Strait of Hormuz, lifting oil prices. The United States threatened an indefinite naval blockade of Iran, raising concerns about disruptions to crude supplies from the Middle East.  

Among top stock sector stories, drone stocks rise after the Trump administration announced fresh tariffs to be imposed under section 232 of the Trade Expansion Act of 1962, this time on drones, citing excessive reliance on imported drones threatening “to impair the national security of the U.S.” The highest tariffs of 100% are set to be imposed on drones with “a maximum take-off weight of more than 25 kilograms, because those UAS can more easily be used for weapons-related purposes.” Smaller drones face a 25% tariff, these taking effect September. Tech is weak early as software stocks slide, giving back much of the late day gain on Thursday after Reuters report Thursday that Silver Lake is in talks to acquire WDAY, which juiced the overall sector. Earnings season is mostly behind us minus a few key tech companies the next 2 weeks and retailers HD, WMT, TGT next week.

• University of Michigan surveys of consumers sentiment prelim Aug 51.0 (consensus 54.5) vs final July 55.2 while the current conditions index prelim Aug 51.8 (consensus 55.0) vs final July 54.8 and the expectations index prelim Aug 50.6 (consensus 55.2) vs final July 55.4.
• University of Michigan surveys of consumers 1-year inflation outlook prelim Aug 4.3% vs final July 4.2% and University of Michigan surveys of consumers 5-year inflation outlook prelim Aug 3.3% vs final July 3.3%
• U.S. June Business Inventories unchanged; U.S. June inventory/sales ratio 1.30 months' worth vs May 1.28 months; U.S. June business sales -1.1% vs May +2.1% (prev +2.1%).

• Drone sector: the group with strength after President Trump bolsters national security and strengthens U.S. supply chains by imposing tariffs on drones and their parts and components. A proclamation signed by Trump imposes a 100% ad valorem tariff on drones of a certain size or with certain capabilities that are particularly sensitive for national security purposes, the White House said, adding that a tariff of 25% will be imposed on drones that are smaller in size (drone names AVAV, DPRO, ONDS, RCAT, UMAC, DRNZ rallied) and rebuilds the U.S. Navy and America’s Shipbuilding industrial base (watch shares of HII)
• Memory sector: SKHY has approved a $38.3B investment in the construction of two new Semiconductor Fabrication facilities in South Korea. Within the specifics of the $880 bn plan, both Samsung and Sk Hynix plan to build multiple new facilities in the new hub outside of the capital City of Seoul. The $38.3B investment covers a new Yongin Y2 Fabrication plant at the Yongin. SNDK was initiated at Overweight and $2,250 PT after period of restriction coming out of the company's 2026 Investor Day held in New York.

• ETON +35%; shares rise on results as Q2 adj. EPS $0.43 tops est. $0.10 and revenue $37.6Mm vs. est. $27.1Mm; on better operating Income $12.8Mm vs est $3.927Mm and sees FY revenue guidance more than $145Mm vs. est. $121.3Mm; FY adj. EBITDA margin guidance at least 35%.
• HTFL +27%; shares jumped on results after reported Q2 results that beat on both the top- and bottom lines, raised FY26 revenue guidance well above the magnitude of the quarterly beat (FY26 revenue view to $246M-$250M from $228M-$232M) and increased gross margin expectations too.
• IMXI +20%; after the company gained approval from New York regulators to be acquired by WU. The New York State Department of Financial Services is allowing the deal between the two cross-border payment companies on certain conditions.
• NMAX +17%; on results; Q2 EPS $0.02 vs. est. loss (-$0.03); Q2 revs $54.11M vs. est. $48.6M; affirms FY sales guidance of $212M-$216M vs. est. $213.2M; Q2 Adjusted EBITDA rose to $5.7M vs. year ago loss (-$3.8M); says affiliate fee revenue more than doubled to $13.4M and licensing revenue rose to $4.6M.
• NU +12%; after Q2 net profit of $1.06B topped consensus of $967.2M on revenue of $5.88B versus estimates of $5.60B, with return on equity of 33% and a 90-day default ratio of 6.9% on a $39.4B consolidated loan book.
• RDDT +13%; as it will replace AVB in the S&P 500 effective prior to the opening of trading on Tuesday, August 18 (AVB is being acquired by EQR around that time).
• UMAC +12%; along with ACAT, ONDS, RCAT, DRNZ after President Trump bolsters National Security and strengthens U.S. supply chains by imposing tariffs on drones and their Parts and components. A proclamation signed by Trump imposes a 100% Ad valorem tariff on drones of a certain size or with certain capabilities that are particularly sensitive for National Security purposes.
• VALN +28%; after the European Medicines Agency validated the marketing application for its Lyme disease vaccine candidate, developed with partner PFE.

• BBIO -2%; said its 5M share Spot Secondary priced at $78.00.
• GLOB -5%; as Q2 revenues came in above consensus, while EPS and margin results fell short on FX and utilization headwinds. Wedbush downgraded shares saying the co can no longer rebound over the next 12 months with the legacy T&M business continuing to see erosion from AI-driven processes.
• KLC -38%; shares fall after Q2 miss and lower guidance as Q2 adj EPS $0.08 missed the est. $0.10 while cuts its FY26 EPS view to $0.05-$0.15 from $0.15-$0.25 (est. $0.20) and lowers FY26 revenue view to $2.66B-$2.7B from $2.7B-$2.75B which was below consensus $2.71B.
• SPRY -5%; shares fell on results Q2 EPS ($0.63) loss missed the est. loss ($0.49) amid higher operating expenses from media and sales expansion; though said shift from broad consumer marketing to targeted high-volume prescriber engagement supported neffy market share growth
• YSS -11%; as Q2 revs rose 10% y/y to $92.5M vs. est. $89.4M as increase was primarily driven by growth in York's major government programs, but sees FY revs $375M-$405M, well below the consensus $557.6M; posted Q2 net loss (-$39.3M); Q2 Backlog stood at $592M, down 8% from $642.3M on March 31, and up 9% from the start of the year.

Closing Recap

Friday, August 14, 2026

Friday was a yawner of a trading session as stocks opened near their best levels and the S&P 500 moved back above the 7,800 for a second straight day…but also failed to close above the 7,800 a second straight day, as stocks slipped slowly throughout to end down modestly on light volume and little changed on the week. The S&P 500 traded in a narrow 15 point trading range all afternoon and for the week the S&P 500 climbed 0.4%, the Dow fell 0.6% and the Nasdaq climbed 0.1%. The Smallcap Russell 2000 made it 4 straight up days, closing at a new all-time high as reduced interest rate hike concerns helped buoy the sector. Fears of a Fed rate hike in September eased this week behind another round of softer economic data points and cooler inflation readings. Consumer prices (CPI) and producer prices (PPI) came in lower than expected this week easing some inflation concerns, while today consumer sentiment fell along with a drop in retail sales. Despite the weaker data and reduced Fed rate hike bets, Treasury yields still finished near their highs as oil prices rose. With over 460 S&P 500 companies having reported this quarter, markets are in the home stretch, but there are some key retailers reporting next week: Tuesday 8/18: HD, Wednesday 8/19: LOW, TGT, TJX and Thursday 8/20: WMT, BABA, and ROST are reporting. Note the CBOE Volatility index (VIX) closed at its lowest level in 2026.

• University of Michigan surveys of consumers sentiment prelim Aug 51.0 (consensus 54.5) vs final July 55.2 while the current conditions index prelim Aug 51.8 (consensus 55.0) vs final July 54.8 and the expectations index prelim Aug 50.6 (consensus 55.2) vs final July 55.4.
• University of Michigan surveys of consumers 1-year inflation outlook prelim Aug 4.3% vs final July 4.2% and University of Michigan surveys of consumers 5-year inflation outlook prelim Aug 3.3% vs final July 3.3%
• U.S. June Business Inventories unchanged; U.S. June inventory/sales ratio 1.30 months' worth vs May 1.28 months; U.S. June business sales -1.1% vs May +2.1% (prev +2.1%).

• U.S. Treasuries fell as yields edged higher despite weaker-than-expected retail sales data, while persistent Middle East tensions kept investors on edge with crude prices turning higher. Consumer sentiment, as measured by the University of Michigan gauge, unexpectedly declines, another data point in a strong of weak reports showing signs that the economy may not be overheated. After falling this week on cooler CPI, PPI inflation readings, The 2-yr Treasury yield rose 3.1bps on the day but fell -3.2bps on the week to finish at 4.17%, now down 3 straight weeks (off recent 52-week highs 4.358% on 7/23/26. The 10-yr yield rose 5.6bps today and was up 3.8bps on the week to finish at 4.695% as the yield is up 5 of the last 7 weeks and just 4.8bps from its 52-week high of 4.743% on 7/31/26.
• The U.S. dollar fell (DXY) to a one-week low on Friday after an unexpected drop in U.S. retail sales in July. The Japanese Yen slid back toward 160, erasing half its gains from this month's historic US-Japan intervention. The euro gained after briefly rising above its 100-DMA at 1.1566 to a two-month high, while Sterling briefly hit a three-month high above 1.35 and remains biased higher.

• Home Improvement Retail sector: Wayfair (W) was upgraded to Outperform from Market Perform at Bernstein (tgt to $125 from $100) saying they left the Q2 earnings call more constructive on Wayfair's U.S. e-commerce. Bernstein sees a disconnect in the consensus numbers and the current trajectory of the business. WSM price tgt raised to $260 from $192 at RBC Capital and raise Q2 comp estimate to +4.9% (cons. +4.0%) on improved industry trends and site traffic/transaction data.
• Education Services: KLC shares fall after Q2 miss and lower guidance as Q2 adj EPS $0.08 missed the est. $0.10 while cuts its FY26 EPS view to $0.05-$0.15 from $0.15-$0.25 (est. $0.20) and lowers FY26 revenue view to $2.66B-$2.7B from $2.7B-$2.75B which was below consensus $2.71B.

• Drone sector: the group with strength after President Trump bolsters national security and strengthens U.S. supply chains by imposing tariffs on drones and their parts and components. A proclamation signed by Trump imposes a 100% ad valorem tariff on drones of a certain size or with certain capabilities that are particularly sensitive for national security purposes, the White House said, adding that a tariff of 25% will be imposed on drones that are smaller in size (drone names AVAV, DPRO, ONDS, RCAT, UMAC, DRNZ rallied) and rebuilds the U.S. Navy and America’s Shipbuilding industrial base (watch shares of HII).
• Rare Earth and critical mineral stocks also saw big gains ALOY, METC, MP, USAR in a move that appears linked to President Trump's late-Thursday announcement of tariffs on drone imports and components. Drones are becoming a significant source of demand for rare earth magnets. Separately, UUUU shares rallied after BMO Capital initiated at Outperform and an $18 price target.

• Payments sector: IMXI shares jumped after the company gained approval from New York regulators to be acquired by WU. The New York State Department of Financial Services is allowing the deal between the two cross-border payment companies on certain conditions.
• Bank sector: NU shares rose after Q2 net profit of $1.06B topped consensus of $967.2M on revenue of $5.88B versus estimates of $5.60B, with return on equity of 33% and a 90-day default ratio of 6.9% on a $39.4B consolidated loan book.

• BMY’s Zenbexus wins accelerated approval in multiple myeloma, marking the debut of a new class of medicine for the blood cancer and the first drug cleared by U.S. regulators using a more sensitive measure of remission.
• CAPR shares soar after saying the FDA agreed to review new data on its Duchenne muscular dystrophy therapy, deramiocel. The company plans to submit additional trial data showing benefits in upper limb muscle function. The agency's decision was expected by August 22.
• ETON shares rise on results as Q2 adj. EPS $0.43 tops est. $0.10 and revenue $37.6Mm vs. est. $27.1Mm; on better operating Income $12.8Mm vs est $3.927Mm and sees FY revenue guidance more than $145Mm vs. est. $121.3Mm; FY adj. EBITDA margin guidance at least 35%.
• NKTR reports Q2 revs of $10.1M, missing the $10.4M estimate and below $11.2M y/y while saying its lead experimental drug, rezpegaldesleukin, is in late-stage development for the treatment of a type of skin disease called atopic dermatitis; says it has cash runway that extends into Q3 2028
• SPRY shares fell on results Q2 EPS ($0.63) loss missed the est. loss ($0.49) amid higher operating expenses from media and sales expansion; though said shift from broad consumer marketing to targeted high-volume prescriber engagement supported neffy market share growth

• Medical Research sector: VALN shares jumped after the European Medicines Agency validated the marketing application for its Lyme disease vaccine candidate, developed with partner PFE
• Animal Health sector: PETS Q1 revs $41M and adj Ebitda (-$3.4M) with EPS loss (-$0.28); Q1 operating loss (-$6.23M) and Q1 operating expenses were $17.6M; said acquired 70,000 new customers while reducing our cost of acquiring a new customer by 15% y/y.

• Media Sector: FOXA was upgraded to Overweight at Wells Fargo and JP Morgan with $80 and $82 price tgts respectively as positive view reflects factors at both core Fox and from the pending transaction with ROKU saying FOXA is a beat/raise story & Roku is a growth/cash machine. NMAX shares jumped on Q2 results that topped consensus Q2 EPS $0.02 vs. est. loss (-$0.03); Q2 revs $54.11M vs. est. $48.6M; affirms FY sales guidance of $212M-$216M vs. est. $213.2M. PSKY advanced for an 11^th straight day and WBD 8 straight.
• Software sector: software sector giving back some of late day gains after the group surged on a Reuters report Thursday that Silver Lake is in talks to acquire WDAY. The headline helped buoy interest in the cloud, SaaS sector on Thursday but saw pullbacks in HUBS, MDB, TEAM, MNDY and others on Friday. ORCL shares fell after ET subsidiary Transwestern Pipeline disclosed in a regulatory filing that the Green Chile Project pipeline in New Mexico has pushed back its in-service date to February 1, 2027, from August 15, 2026. The Green Chile Project is a natural gas pipeline extension proposed by Energy Transfer to supply up to 400M cubic feet of gas per day to Oracle's "Project Jupiter" AI data center campus in Dona Ana County
• AI Sector: According to the Financial Times, OpenAI and Anthropic are cutting prices on mid-tier AI models as Chinese rivals such as DeepSeek and Moonshot gain traction with cost-conscious enterprise customers. According to Bloomberg, OpenAI is on track to exceed a $40B annualized revenue run rate, roughly double YE25 levels, with July run-rate revenue up 20%+ m/m.
• IT Services & Consulting: GLOB shares fell as Q2 revenues came in above consensus, while EPS and margin results fell short on FX and utilization headwinds. Wedbush downgraded shares saying the co can no longer rebound over the next 12 months with the legacy T&M business continuing to see erosion from AI-driven processes.

• Memory sector: SKHY has approved a $38.3B investment in the construction of two new Semiconductor Fabrication facilities in South Korea. Within the specifics of the $880 bn plan, both Samsung and Sk Hynix plan to build multiple new facilities in the new hub outside of the capital City of Seoul. The $38.3B investment covers a new Yongin Y2 Fabrication plant at the Yongin. SNDK was initiated at Overweight and $2,250 PT after period of restriction coming out of the company's 2026 Investor Day held in New York.
• Semis: AEHR was initiated Buy and $175 PT at Jefferies arguing the company has transformed from >90% SiC exposure in FY24 to AI becoming the dominant revenue driver, with AEHR uniquely positioned across both wafer- and package-level burn-in for AI production and sees ~52% FY25–28 revenue CAGR.

Street Recommendations

Friday, August 14, 2026

• ASND Barclays lowered the firm's price target on Ascendis Pharma to $329 from $345 and keeps an Overweight rating on the shares. The firm updated the company's model for its Q2 financials. Progress for Yuviwel "has been encouraging (though investor expectations high)," the analyst tells investors in a research note.
• PTCT Barclays analyst Eliana Merle raised the firm's price target on PTC Therapeutics to $122 from $120 and keeps an Overweight rating on the shares. The acquisition of ST-920 in the bankruptcy auction for $111M upfront is a good deal, the analyst tells investors in a research note. Barclays sees Fabry as a large market.
• TPR Barclays raised the firm's price target on Tapestry to $185 from $182 and keeps an Overweight rating on the shares. The fiscal Q4 earnings report showed continued strength at Coach, the analyst tells investors in a research note. Barclays believes Tapestry is "winning the next generation of handbag consumers."
• MUR Barclays downgraded Murphy Oil to Underweight from Equal Weight with a $34 price target.

• AVAH BMO Capital raised the firm's price target on Aveanna to $14 from $10 and keeps an Outperform rating on the shares. The company delivered another beat-and-raise with Q2 revenue and EBITDA ahead of consensus by 5.0%/16.4% respectively and raised its FY26 outlook by 1.5%/7.4%, the analyst tells investors in a research note. Reimbursement remains constructive across states and Managed Care Organizations, which now includes a long-awaited PDN - private duty nursing - rate increase in California for FY27, BMO added.
• LAC BMO Capital lowered the firm's price target on Lithium Americas to $4 from $4.50 and keeps a Market Perform rating on the shares. The company's net asset value decline reflects increased dilution from recent capital raises, namely the Yorkville converts, though the next key catalyst is an updated Thacker Pass capex estimate, the analyst tells investors in a research note.

• YETI BofA raised the firm's price target on Yeti to $48 from $44 and keeps a Neutral rating on the shares. The firm, which says the investor day on September 17 could shed more color on drinkware dynamics as well as other strategic initiatives at the company, increased its estimates following Yeti's Q2 report.
• MSGE BofA raised the firm's price target on MSG Entertainment to $96 from $80 and keeps a Buy rating on the shares after the company closed FY26 with what the firm calls "a much stronger than forecast" fiscal Q4. The firm raised its FY27 revenue and adjusted operating income estimates to reflect Garden concert activity, continued Spectacular growth and improving visibility into the event calendar.
• AIT BofA raised the firm's price target on Applied Industrial Technologies to $390 from $380 and keeps a Buy rating on the shares. Q1 growth guidance does indicate deceleration given a 280 basis point tougher comparison, says the analyst, who also notes that management has "a history of guiding conservatively for the next quarter."

• GLNG BTIG analyst Gregory Lewis raised the firm's price target on Golar LNG to $70 from $67 and keeps a Buy rating on the shares. The company reported Q2 results with adjusted EBITDA of $117M coming about 16% above the Street's estimate, and more importantly, Golar reached positive FID on its fourth FLNG,the analyst tells investors in a research note.
• KTB BTIG raised the firm's price target on Kontoor Brands to $105 from $100 and keeps a Buy rating on the shares. The company's earnings beat was driven by gross margins coming in at 53.8%, above the firm's 50.5% estimate and up 700 basis points, due to favorable channel and product mix, pricing, and other Project Jeanius initiatives, the analyst tells investors in a research note.
• TPR BTIG lowered the firm's price target on Tapestry to $175 from $180 and keeps a Buy rating on the shares. The company reported better-than-expected Q4 results, and the firm is encouraged by another strong quarter as Tapestry is operating in a structurally stronger position with multiple levers to sustain growth, the analyst tells investors in a research note. BTIG adds however that its reduced price target reflects expectation of a more modest top-line performance.

• NERV Jefferies upgraded Minerva to Buy from Hold with a price target of $10, up from $7.50. The shares have sold despite the company's execution, creating a favorable risk/reward ahead of oral roluperidone's confirmatory Phase III results in the second half of 2027 for negative symptoms of schizophrenia, the analyst tells investors in a research note. The indication has no approved therapies and presents a $1B-$2B opportunity, the analyst tells investors in a research note. Jefferies believes Minerva shares will move higher into the first half of 2027 "as the time value of money decreases." Success in the Phase III study could drive a 100%-300% rally in the stock, the firm adds.
• BE Jefferies raised the firm's price target on Bloom Energy to $229 from $188 and keeps a Hold rating on the shares. The AI data center thesis is "gaining customer validation," but the debate now revolves around permitting execution, the analyst tells investors.
• TGT Jefferies raised the firm's price target on Target to $177 from $161 and keeps a Buy rating on the shares. Traffic data improved in July, supporting 2.5% comps and $2.35 EPS, both above consensus, says the analyst, who expects Q2 to "serve as another proof point that TGTs merch-led turnaround is gaining traction."

• AMAT JPMorgan analyst Harlan Sur raised the firm's price target on Applied Materials to $660 from $515 and keeps an Overweight rating on the shares. The company reported a modest fiscal Q3 beat and a strong Q4 revenue outlook that surpassed estimates, the analyst tells investors in a research note. The firm believes Applied Materials' bull thesis remains intact, supported by accelerating AI-driven wafer fab equipment demand and improving visibility.
• SJM JPMorgan raised the firm's price target on J.M. Smucker to $139 from $125 and keeps an Overweight rating on the shares. The firm sees favorable consumption trends heading into the company's fiscal Q1 report. It expects Smucker to post a sales and earnings beat.

• CTRE RBC Capital analyst Michael Carroll downgraded CareTrust REIT to Sector Perform from Outperform with a price target of $43, down from $44. The company remains well positioned to deploy capital accretively driving healthy earnings growth over the next few years, the analyst tells investors in a research note. However, RBC is shifting its focus to companies that are able to more directly benefit from the "strong fundamental tailwinds via organic growth."
• KRYS RBC Capital analyst Lisa Walter initiated coverage of Krystal Biotech with an Outperform rating and $400 price target. Krystal is a gene therapy company focused on rare diseases treatable with its HSV-1 platform, which has proven therapeutic benefits in dermatology, the analyst tells investors in a research note. RBC sees potential for expansion into eye and lung. It believes the setup for Krystal shares is favorable with a "first/best-in-class drug" Vyjuvek. Outside the U.S. launches will continue to drive sales to $1B while the company's ocular pipeline "could become the next blockbuster," contends RBC.
• CRWD RBC Capital raised the firm's price target on CrowdStrike to $256 from $188.75 and keeps an Outperform rating on the shares as part of a broader research note previewing Q2 results for software names. The firm notes that its recent checks and on-quarter results from AI, cyber, infrastructure and data coverage leave it more optimistic heading into the second half, with upside to consensus estimates now appearing more likely, the analyst tells investors in a research note. Cybersecurity checks were particularly bullish as resellers were incrementally more optimistic regarding recent results and the potential for a strong second half, RBC added.
• ESTC RBC Capital analyst Matthew Hedberg raised the firm's price target on Elastic to $87 from $70 and keeps an Outperform rating on the shares as part of a broader research note previewing Q2 results for software names. The firm notes that its recent checks and on-quarter results from AI, cyber, infrastructure and data coverage leave it more optimistic heading into the second half, with upside to consensus estimates now appearing more likely, the analyst tells investors in a research note. RBC added that it continues to like the company's position in the infrastructure stack within the AI era and remains comfortable with mid-term targets and a discounted valuation.

• NKTX Stifel analyst Stephen Willey lowered the firm's price target on Nkarta to $10 from $11 and keeps a Buy rating on the shares after having updated the firm's model to reflect the Q2 earnings announcement.
• WWW Stifel raised the firm's price target on Wolverine World Wide to $26 from $25 and keeps a Buy rating on the shares. A mix shift towards faster-growing, higher-margin brands creates a structural improvement in the earnings outlook, the analyst tells investors.
• YETI Stifel raised the firm's price target on Yeti to $45 from $42 and keeps a Hold rating on the shares. Yeti beat Q2 estimates and raised the earnings outlook, though this was tempered by drinkware headwinds and inflationary pressures, the analyst tells investors in a post-earnings note.

• SDGR UBS assumed coverage of Schrodinger with a Neutral rating with a price target of $19, up from $13. The company's software growth outlook appears broadly aligned with market expectations, but limited near-term catalysts and the slow adoption of computational drug discovery suggest waiting for clearer traction in its software-centric transition before taking a more active view, the analyst tells investors in a research note.
• TPR UBS analyst Jay Sole raised the firm's price target on Tapestry to $232 from $230 and keeps a Buy rating on the shares. The sharp pullback presents an attractive entry point given its strong brands, product innovation, marketing investment, balance sheet, and leading softlines AI capabilities, which could drive better decisions and accelerate growth, the analyst tells investors in a research note.
• GLOB UBS lowered the firm's price target on Globant to $43 from $50 and keeps a Neutral rating on the shares. The firm updated its model post the "weak" Q2 print.
• AMAT UBS lowered the firm's price target on Applied Materials to $675 from $705 and keeps a Buy rating on the shares. Applied Materials' capacity expansion and strong systems growth support meaningful long-term upside, with share gains accelerating amid robust WFE demand despite softer-than-expected gross margin commentary and conservative near-term guidance, the analyst tells investors in a research note.
• STEM UBS analyst Jon Windham lowered the firm's price target on Stem to $7 from $10.50 and keeps a Neutral rating on the shares. Stem's Q2 results were positive, with EBITDA above consensus and strong 22% year-over-year Edge hardware growth, though the stock remains a high-risk/high-reward proposition given its limited revenue base and ongoing business transition, the analyst tells investors in a research note.

• JPM Wells Fargo raised the firm's price target on JPMorgan to $390 from $375 and keeps an Overweight rating on the shares. The firm says JPMorgan's best-in-class ability to invest for superior growth can not only help the company surpass the $1T market cap milestone but also to reach $2T overestimated seven to eight years.
• FATE Wells Fargo raised the firm's price target on Fate Therapeutics to $3.50 from $2.50 and keeps an Equal Weight rating on the shares. With first pt dosed in the Phase 2 LN study that implements a differentiated, less-intensive conditioning regimen, the focus is on pace of enrollment and the potential efficacy profile, the firm notes.
• DELL Wells Fargo raised the firm's price target on Dell Technologies to $545 from $505 and keeps an Overweight rating on the shares. The firm is positive on Dell's upcoming Q2 results. Wells expects server-driven upside and increased FY27 guide driven by better-than-expected second half of the year supply outlook.
• ALNY Wells Fargo analyst Derek Archila lowered the firm's price target on Alnylam to $256 from $316 and keeps an Equal Weight rating on the shares. The firm sees unfavorable risk/reward into the European Society of Cardiology for Alnylam. Key opinion leader checks support lower out-year estimates, and while shares price little for nucresiran, a weak read could cut base business estimates too, 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

• 10:00 AM ET NAHB Housing Market Index for August
• 4:00 PM ET                    Net Long-term TIC Flows for June

• Earnings After the Close: DCGO FLXS FN XP YALA

• Rosenblatt 6th Annual Age of AI Tech Virtual Summit, 8/17-8/18

• 8:30 AM ET                   Housing Starts M/M for July
• 8:30 AM ET                   Building Permits M/M for July
• 8:30 AM ET                   Import Prices M/M for July
• 8:30 AM ET                   Export Prices M/M for July
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:15 AM ET                   Industrial Production M/M for July
• 9:15 AM ET                   Capacity Utilization for July
• 10:00 AM ET                 Pending Home Sales M/M for July
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AUNA JKHY KEYS LZB MRCY SQM TOL ZTO

• Piper California Medtech & Diagnostics Bus Tour, 8/18-8/20
• Rosenblatt 6th Annual Age of AI Tech Virtual Summit, 8/17-8/18
• Seaport Global 15th Annual Summer Investor Virtual Conference, 8/18-8/19

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

• Earnings After the Close: ARAY BILL ALVO BULL COTY NDSN TLX UFI WOLF

• Needham 7th Annual Virtual Semiconductor & Semicap 1x1 Conference, 8/19-8/20
• Piper California Medtech & Diagnostics Bus Tour, 8/18-8/20
• Seaport Global 15th Annual Summer Investor Virtual Conference, 8/18-8/19

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Philly Fed Business Index for August
• 10:00 AM ET                 Leading Indicators M/M for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: FLO FLUX ICG OSIS ROST

• Needham 7th Annual Virtual Semiconductor & Semicap 1x1 Conference, 8/19-8/20
• Piper California Medtech & Diagnostics Bus Tour, 8/18-8/20

• 9:45 AM ET S&P Global Services PMI, Aug-flash
• 9:45 AM ET S&P Global Composite PMI, Aug-flash
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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