Early Look

Friday, August 7, 2026

U.S. stocks may have finished lower on Thursday, but Friday is shaping up to be a strong day after good earnings results overnight in tech, as investors turn their attention to the closely watched July employment situation report at 8:30 am et where 80,000 nonfarm payrolls are expected to be added. Shares of software companies TEAM, FROG, TWLO are all up over 15% in the software sector after results, while other tech companies like NET, MCHP, AKAM are also soaring double digit percent after their results. Precious metals are looking strong, adding to weekly gains with gold rising 1.6% to $4,360 and silver outperforms up over 3%. The 2-year Treasury yield was little changed at 4.25%, the benchmark 10-year Treasury yield was flat at 4.68%, and the 30-year Treasury yield was unchanged at 5.22%. In Asian markets, The Nikkei Index fell -76 points to 65,606, the Shanghai Index rose 39 points to 3,940, and the Hang Seng Index gained 137 points to 25,668. In Europe, the German DAX is rising 194 points to 26,334, while the FTSE 100 adds 62 points to 10,929. All eyes on the jobs data at 8:30 while US futures look to build on weekly gains after a massive run to start the week. Global bond funds attracted $23 billion this week, driven by strong demand for US high-yield debt. US bond inflows jumped to $17.8 billion from $7.9 billion last week, while Canadian and eurozone government bonds also saw solid demand. Meanwhile, global equity inflows slowed sharply to $32.9 billion, down from $63.7 billion the previous week.

• The Dow Jones Industrial Average fell -464.02 points, or 0.85%, to 53,885.10
• The Nasdaq Composite slipped -15.09 points, or 0.06%, to 26,348.35
• The Russell 2000 Index declined -17.64 points, or 0.58% to 3,001.55

• DraftKings (DKNG) Q2 adj EPS $0.09 vs. est. $0.17; Q2 revs $1.44B vs. est. $1.51B; Q2 operating loss -$68.2M; guides year revs $6.5B-$6.9B vs. est. $6.72B and sees FY Ebitda year $700M-$900M; Q2 Sports Consumer Volume $13.1B, +15% y/y, Monthly Unique Payers 3.6M, +9% y/y and Average Revenue per MUP $132, -13% y/y.
• Dream Finders Homes (DFH) said it would acquire U.S. homebuilder Beazer Homes (BZH) in an all-cash deal valued at about $2.2 billion, including debt, as Beazer shareholders will receive $33.50 in cash for each share they own. It represents a premium of 0.12% from Beazer's last close.
• Instacart (CART) Q2 EPS $0.45 vs. est. $0.54; Q2 revs rises 14% y/y to $1.04B vs. est. $1.03B; Q4 Gross transaction value rose 14%, to $10.35B, while orders increased 9%, to 90.3M; Q4 net income falls -4% to $111M; sees Q3 adjusted EBITDA $320M-$340M and sees Q3 GTV $10.3B-$10.55B.
• Lyft Inc. (LYFT) Q2 EPS $0.13 vs. est. $0.14; Q2 revs $1.8B vs. consensus $1.81B; Q2 Adjusted core profit jumped 37% to $177.2M, exceeding estimates of $171.9M; Q2 gross bookings $5.5B, up 23% while Q2 active riders went up 17% y/y to 30.5M; sees Q3 adjusted EBITDA $183M-$203M and sees Q3 gross bookings $5.5B-$5.67B.
• Monster Beverage (MNST) Q2 adj EPS $0.60 vs. est.  $0.58; Q2 sales rose to $2.537B vs. est. $2.428B; Q2 operating expenses $679.12M; Q2 operating income $584.5M; Net sales, excluding the Alcohol Brands segment rose 20.8% in Q2
• Texas Roadhouse (TXRH) Q2 EPS $1.85 vs. est. $1.82; revenue $1.680B vs. est. $1.674B, Q2 comparable restaurant sales up 6.2% and Q3‑to‑date comps also up 6.2%, with traffic growth and modest menu pricing supporting average weekly sales; restaurant margin dollars and operating Income up year‑on‑year despite commodity and wage inflation pressures.

• Century Aluminum (CENX) Q2 adj EPS $2.46 vs. est. $2.30; Q2 revs $752M vs. est. $830.5M; Q2 adjusted EBITDA $326.9M slightly beat analyst expectations of $326M, driven by favorable metal prices and sales mix; expects Q3 Adjusted EBITDA attributable to Century between $325M-$345M; said increased realized metal prices and higher shipments from Mt. Holly expansion, and Grundartangi restart drove sequential sales growth
• Karman (KRMN) Q2 adj. EPS $0.14 vs. est. $0.13; revenue $182.1Mm vs. est. $180.1Mm, building on Q1 2026 revenue $151.2Mm (+51% YoY) and reflecting broad‑based growth across Hypersonics, space and launch, Tactical missiles, and Maritime Defense systems; adj. EBITDA $54.6Mm vs est $51.58Mm; FY 2026 revenue guidance raised to $730Mm-$745Mm vs est $732.18Mm and FY adj. EBITDA guidance to $215Mm-$222.5Mm.
• James Hardie (JHX) Q1 adj. EPS $0.36 vs. est. $0.32; revenue $1.47B vs. est. $1.42B, with organic growth expected in the core Siding & Trim segment; Q2 FY27 net sales guidance $1.485B-$1.575B vs est $1.319B and Q2 adj. EBITDA guidance $420Mm-$455Mm vs est $357.68Mm; FY27 total net sales guidance $5.564B-$5.723B vs est $5.571B and FY27 total adj. EBITDA guidance $1.536B-$1.625B vs est $1.552B.
• MP Materials (MP) Q2 adj EPS loss (-$0.01) vs. est. $0.00; Q2 net loss of $20.3M, narrowing from $30.9M loss y/y; Q2 revenue rose 89% y/y to $108.5M vs. est. $95.95M; Q2 non-GAAP adj EBITDA turned positive at $28.5M from a loss of -$12.5M y/y; NdPr production climbed 41% to 840 metric tons; NdPr sales more than doubled to 1,006 metric tons.
• Republic Service group (RSG) Q2 adj EPS $1.85 vs. est. $1.82; Q2 revs $4.43B vs. est. $4.36B; sees FY26 adjusted EPS $7.23-$7.28, vs. consensus $7.29 and sees FY26 revenue $17.2B-$17.3B vs. est. $17.2B; sees FY26 adjusted EBITDA $5.525B-$5.55B.
• Sunoco LP (SUN) said it has entered into a definitive agreement whereby Sunoco will acquire Offen Petroleum in an all-cash transaction valued at approximately $600 million.
• E-Energy (XE) shares rose after Amazon (AMZN) reports stake of 65.8M shares.

• AIG Corp. (AIG) Q2 adjusted EPS $2.00 vs. consensus $1.93; Q2 Net investment income slid 23% to $1.47B, Q2 gross premiums written rose 8.8% to $10.9B, and Q2 catastrophe-related charges were $210M, up from $170M in the prior quarter; reported a Q2 profit of $948M, or $1.78 a share, compared with $1.14B y/y.
• Rocket Companies (RKT) Q2 adj. EPS $0.16 vs. est. $0.17, miss by $0.01; adj. revenue $2.76B vs. est. $2.815B, miss by $55Mm; adj. EBITDA $766Mm; Q3 adj. revenue guidance $2.5B-$2.7B vs est $2.843Mm.
• Sezzle (SEZL) shares plunged despite the digital payments company beating Q2 expectations and raising its FY2026 outlook, as investors focused on rising operating expenses. Adjusted EPS of $1.13 topped the $1.02 consensus, while revenue rose 52% Y/Y to $149.7M, beating estimates by $14.6M. GMV jumped 38% to $1.3B, while active subscribers surged 76% to 854K. Sezzle now expects FY2026 adjusted EPS of $5.25, up from $5.10 previously and above the $5.12 est., with revenue growth at the high end of its prior 30%-35%.

• Doximity (DOCS) shares surge as Q1 EPS $0.29 vs. est. $0.30; Q1 revs $156.6M vs. est. $151.73M; Q1 workflow active prescriber growth of more than 30% y/y and AI Search query growth of over 25% q/q; sees FY27 revenue $671M-$681M, above consensus $670.34M and sees Fy27 adjusted EBITDA $309M-$329M.
• Halozyme Therapeutics (HALO) 2Q adj. EPS $2.28 beats $1.84 Estimate, and Q2 sales $480.99M beat $407.493M estimate; raises 2026 non-GAAP EPS view to $8.65-$9.00 from $7.75 to $8.25 (est. $8.10) and raises 2026 revenue view to $1.835B-$1.910B from $1.710B-$1.810B, vs. consensus $1.77B.
• IRhythm (IRTC) to acquire VitalConnect, expanding its cardiac monitoring platform across ambulatory, inpatient and hospital-to-home Care in deal valued at $287.50M; $237.50M cash, $50M stock.
• Natera (NTRA) Q2 EPS ($0.47) vs est ($0.49) on revs $752.8Mm vs est $660.69Mm; FY 2026 revenue guidance $2.74B-$2.82B vs est $2.797B; FY gross margin guidance 64%-66%,
• Replimune (REPL) said the FDA approved its therapy for advanced skin cancer, Tudriqev, a genetically modified virus that doctors inject directly into tumors, where it is designed to kill cancer cells and trigger an immune response against tumors elsewhere in the body.
• ResMed Corp. (RMD) Q4 adj. EPS $2.95 vs. est. $2.89, up mid‑teens YoY; revenue $1.50B vs. est. $1.459B, low double‑digit YoY growth with Sleep and respiratory Care demand supporting operating leverage; adj. gross margin 62.3%, extending prior quarters’ margin expansion; dividend raised to $0.66/share alongside buybacks.

• Applied Optoelectronics (AAOI) Q2 EPS $0.06 vs. est. $0.01; Q2 revs $191.9M vs. est. $190.48M; sees Q3 non-GAAP EPS $0.11-$0.26 vs. est. $0.28 and revs $255M-$290M vs. consensus $264.56M; sees Q3 non-GAAP gross margin in the range of 29%-30.5%; said volume of 800G products more than doubled sequentially.
• Atlassian Corp. (TEAM) Q4 adj. EPS $1.87 vs. est. $1.50; revenue $1.77B vs. est. $1.66B, beat by $110Mm; adj. operating margin 36%; Q1 revenue guidance $1.705B-$1.715B vs. est. $1.665B; Q1 gross margin guidance 85%; FY gross-margin outlook 84.5%; FY27 total revenue growth expected ~13% YoY vs est +13.67% and subscription ARR growth expected ~18%; CEO Mike Cannon‑Brookes plans to purchase up to $250Mm of Atlassian shares
• CleanSpark (CLSK) Q3 net loss -$239.8M, Q3 adj Ebitda loss -$113M from $377M y/y, Q3 Bitcoin mining revs $138M, down from $198.6M y/y.
• Cloudflare Inc. (NET) Q2 adj EPS $0.29 vs. est. $0.27; Q2 revs rose 36.1% y/y to $696M vs. est. $665.5M; guides Q3 revs $736M-$737M vs. est. $722M; raises FY26 EPS view to $1.25-$1.26 from $1.19-$1.20 and boosts FY26 revenue view to $2.864B-$2.87B from $2.804B-$2.813B (est. $2.81B).
• DoubleVerify Holdings (DV) to be acquired by Nielsen Holdings in a a deal with an enterprise value of about $2.15 billion as Nielsen will pay $13.60 a share.
• Dropbox (DBX) Q2 adj. EPS $0.75 vs. est. $0.74; revenue $631.5Mm vs. est. $626.7Mm; non‑GAAP gross margin ~81% with adj. EBIT margin 39.7%; paying users 18.19Mm with +96k net adds QoQ and ARPU $139.68.
• Five9 Inc. (FIVN) Q2 revs $312.4M vs. est. $306.6M; guides Q3 EPS below views and revs above while backs FY26 adjusted EPS view $3.22-$3.30 (est. $3.25) and raises FY26 revenue view to $1.26B-$1.272B from $1.254B-$1.266B vs. consensus $1.26B.
• JFrog Ltd. (FROG) Q2 adj. EPS $0.27 vs. est. $0.24, beat by $0.03; revenue $163.8Mm vs. est. $155.6Mm, beat by $8.2Mm; adj. gross profit $136.2Mm; adj. gross margin 83.2%; adj. operating Income $32.6Mm vs. est. $28.7Mm, adj. operating margin 19.9%; Q3 adj. operating Income guidance $27Mm-$29Mm vs est $26.43Mm.
• Marathon Digital (MARA) Q2 EPS loss (-$1.60) vs. est. $0.26; Q2 sales $174.88M vs. est. $203.6M.
• Microchip Technology (MCHP) Q1 adj. EPS $0.76 vs. est. $0.69; sales $1.485B vs. est. $1.458B, with sequential net sales expected to rise 7%-9% in the September quarter; Q2 FY27 net sales guidance $1.589B-$1.618B vs est $1.55B and Q2 adj. EPS guidance $0.91-$0.95 vs est $0.79, implying continued margin expansion; quarterly cash dividend $0.455/share and FY CAPEX guidance ~$100Mm, with commentary highlighting reduced planned capital investments through FY27.
• Onto Innovation (ONTO) Q2 adj EPS $1.93 vs. est. $1.68; Q2 revs rose 35.3% y/y to $343.12M vs. est. $325.2M; Q2 net income of $60.1M, up 77.29% y/y while gross margin widened 5.2 percentage points to 53.4%; Advanced Nodes revenue grew 50% sequentially, while Specialty Devices and Advanced Packaging revenue hit an all-time high; backlog topped $1B for the first time; Q3 revenue forecast at $380M-$400M.
• Ouster Inc. (OUST) Q2 EPS ($0.27) vs. est ($0.27); revenue $55Mm vs. est. $50.88Mm with product revenue ~$53Mm driven by industrial and Smart infrastructure customers in Warehouse automation, yard Logistics, and Intelligent transportation; shipped >17,000 lidar and camera sensors, lidar ~53% of total; non‑GAAP gross margin 53%; Q3 2026 revenue guidance $54.5Mm-$57.5Mm vs est $57.48Mm.
• Rigetti Computing (RGTI) Q2 adj. EPS ($0.05) vs. est. ($0.05); revenue $5.1Mm vs. est. $5.15Mm, gross profit $2.19Mm with operating loss $28.1Mm and operating expenses $30.3Mm.
• SK Hynix (SKHY) said that its board had approved about 54.3 trillion won ($38.30 billion) of investments through 2031, including 35.2 trillion won for the second phase of construction of its chip fabrication plant in Yongin and 19.1 trillion won for its M17 chip plant in Cheongju.
• Trade Desk (TTD) Q2 adj EPS $0.34 vs est $0.40 on revs $715.1Mm vs est $751.39Mm, adj EBITDA mgn 34%; guides Q3 revs more than $650Mm vs est $805.09Mm and adj EBITDA $160Mm vs est $341.26Mm.
• Twilio (TWLO) Q2 adj. EPS $1.47 vs. est. $1.32, beat by $0.15; revenue $1.499B vs. est. $1.429B, beat by $70Mm; gross profit $725.9Mm; adj. operating Income $285Mm vs est $258.36Mm; Q3 revenue guidance $1.505B-$1.515B vs. est. $1.47B; Q3 adj. operating profit guidance $285Mm-$295Mm vs est $270.46Mm; Q3 adj. EPS guidance $1.42-$1.47 vs. est. $1.40.

Mid-Morning Look

Friday, August 07, 2026

U.S. stocks got a nice bump higher this morning with the big news being the surprise miss and negative jobs reading for July jobs report as Nonfarm Payrolls declined an unexpected (-23K) vs. +80K estimate while prior months were revised lower, & wage growth continued moderating. May and June payrolls were revised down by a combined 103K. While declining jobs in the U.S. is nothing to cheer about, it dramatically reduced the rate hike expectations of the Fed which has raised inflation concerns as a cause for fear. The private payrolls report rose +30K jobs, well below the +78K expected while factory jobs rose +5K vs. est. +4K. Average Hourly Earnings slid, rising +0.1% MoM vs. +0.3% estimate and are now +3.2% YoY vs. +3.5% estimate. The Labor force participation rate declined to 61.4% vs. 61.5% prior, which accounted for the unemployment rate dropping to 4.1% vs. 4.2% estimate. While unemployment fell, report could shift expectations toward rate cuts if softer employment trend persists. Earnings season has been strong (an understatement) as of the 440 S&P 500 companies that have reported thus far, 87% have beat results vs 82% beat rate last year with the avg beat 14% though avg miss -27%; avg yr/yr earnings growth 25% vs 14% last year and median yr/yr earnings growth 14% vs 8% Last year.  

Impact of the lower jobs data report: the dollar index (DXY) falls -0.3% to 99.60 as the Euro rises to 7-week high of $1.1567; Treasury yields tumbled across the board as rate hike chances tumble given the weaker jobs reading; precious metals back on the rise with gold, silver, platinum all surging on falling dollar/yields.  Shares of sectors that benefit from lower interest rates such as homebuilders, mortgage related companies, higher dividend paying sectors (utilities, REITs, telco) were among early market leaders on the weak jobs reading lowering chances of rate hikes by the Fed in coming meetings. Also seeing early strength in Consumer Discretionary (XLY) +1.3% along with technology (XLK) as software stocks rebound nicely on earnings, while materials get a boost (XLB) led by mining stocks on lower rate hike expectations (lifting gold and silver prices/miners). Energy (XLE) the early leader to the downside as oil prices dip and modest declines in Financials (XLF).

• Software sector strong on heels of several upbeat earnings reports overnight/this week. Companies including TEAM, FROG, TWLO surging after results/guidance last night with each having an explanation for AI helping rather than hurting its business. Earlier in the week good results from PLTR helped tech as well as NOW recently (with a few hiccups mid-week from HUBS, FIG). Shares of DDOG slumped yesterday despite beat and raise quarter noting shares have outperformed to record highs into print. The iShares Expanded Tech-Software Sector ETF is up 10% since the start of July amid a rotation from the PHLX Semiconductor Index’s which is down -15% drop same period.
• Solar stocks strong (FSLR, DQ, ENPH, FTCI, RUN) after The White House imposed a series of price floors and a 15% tariff on products made from polysilicon, the raw material used in Semiconductors and solar panels that is primarily produced by China. U.S. President Donald Trump's proclamation under Section 232 of the Trade Expansion Act of 1962 is aimed at supporting domestic chip and solar supply chains needed to compete with Beijing on artificial Intelligence and energy.

• CART +14%; Q2 was a beat and raise on both the top and bottom lines; Q2 GTV growth was primarily driven by MAUs as GTV continued to outpace Orders; Q3 GTV guide came in better-than-expected, as the midpoint of 14% growth Y/Y was ahead of Street expectations by LSD%.
• DOCS +54%; shares surged after reported a solid beat, FQ2 revenue guidance in line with consensus (but at lower margins due to Ai investments), and FY guidance that was raised, but adj. EBITDA guidance cut also due to Ai spend; sees FY27 revenue $671M-$681M, above consensus $670.34M.
• DV +12%; to be acquired by Nielsen Holdings in a deal with an enterprise value of about $2.15 billion as Nielsen will pay $13.60 a share
• FIGS +35%; posted better-than-expected Q2 (June) results and updated favorably its guidance for 2026; Q2 revenue expanded 29% (vs. Street +22% and guidance for low-20% range), marking the third consecutive quarter of 28%+ sales growth; FIGS Teams business logged its largest revenue quarter in Q2.
• NET +13%; raised its annual forecasts, betting that resilient AI-driven demand will sustain traffic across its network as raises FY26 EPS view to $1.25-$1.26 from $1.19-$1.20 and boosts FY26 revenue view to $2.864B-$2.87B from $2.804B-$2.813B (est. $2.81B) which followed a strong beat for Q2 results.
• NTRA +19%; shares rose on results as 2Q revenue of $753M crushed consensus of $661M as gross Margin was 61.8% (ex-true up) and EPS was ($0.47) compared consensus of ($0.55); raised FY26 revenue guidance to be in the range of $2.85B-$2.91B from previous of $2.740B-$2.820B.
• ONTO +15%; as Q2 results well-above consensus led by stronger sequential revenue growth in advanced nodes (+50% QQ), spread across both memory and Logic/foundry; Non-GAAP EPS 20c above the high-end of prior guidance range. Q3 guide also well-ahead ($390M mid-pt vs est. $350M).
• TEAM +35%; after reported strong Q4 results as revs rose 28% y/y while remaining performance obligations (RPO) surged 44% to $4.82B and subscription ARR reached $6.6B, up 23%; issued better-than-expected Q1 guidance of $1.705B-$1.715B, above the $1.67B consensus, with cloud rev growth of 28.5%.
• TWLO +23%; topped Q2 expectations and delivered stronger-than-expected customer expansion, with its dollar-based net expansion rate of 116% exceeding the 110% estimate. For Q3, Twilio expects revenue of $1.505B-$1.515B and adjusted EPS of $1.42-$1.47, both above Wall Street estimates.

• QDEL -24%; shares tumbled as 2Q results topped consensus, with revs of $631M (vs. $619M cons) and EBITDA of $129M (vs. $109M cons), the company reduced its 2026 guidance, now expected adj EBITDA of $540M to $560M (from $615M to $630M prior), reflecting demand headwinds in China.
• REPL -7%; said the FDA granted accelerated approval to Replimune's drug Tudriqev for advanced melanoma in patients whose tumors grew despite prior treatment. Wedbush said stock's weakness is likely tied to the FDA-approved label citing a 24% objective response rate, ORR, below the 33% figure highlighted previously
• RMD -7%; after reported a mixed Q4 as halted Astral sales weighed on results. FY27 sales guidance was below prior Street.
• SEZL -31%; Adjusted EPS of $1.13 topped the $1.02 consensus, while revenue rose 52% Y/Y to $149.7M, beating estimates by $14.6M. GMV jumped 38% to $1.3B, while active subscribers surged 76% to 854K. non-transaction-related operating expenses rose to 29% of revenue from 25.3% in Q1, while transaction-related costs increased to 36.5% from 26%, weighing on investor sentiment.
• TTD -22%; after the digital advertising platform missed Q2 expectations on both revenue and adjusted EPS, raising concerns about slowing momentum. Revenue rose 3% Y/Y to $715M, below the $751.4M consensus, while adjusted EPS of $0.34 missed the $0.40 estimate.
• UAA -4%; forecast a steeper annual decline in revenue, struggling with weak consumer spending saying now expects full-year revenue to decline by mid-single-digit percentage, compared with its prior target of a slight decline

Closing Recap

Friday, August 07, 2026

The S&P 500 closed at a new record high after U.S. stocks jumped on easing Fed rate hike fears following an unexpected decline in monthly jobs in July and lowered revisions from prior months in what came as a big surprise for Wall Street. The reaction was swift as Treasury prices jumped (sending yields lower), along with a decline in the US dollar and a resurgence of precious metals prices as gold and silver both jumped on the day (and week). U.S. stock markets rallied initially with big gains in tech (helped by a bounce in software stocks on better earnings TEAM, TWLO), as well as defensive/dividend paying sectors such as utilities and REITs which could benefit from lower bond yields. The jobs report just cleared the path for rate cuts potentially as well, especially if future jobs data shows weakness. Attention will now turn to key inflation data next week with the consumer prices (CPI) and producer prices (PPI) readings. The economy lost 23,000 jobs in July against expectations of a 80,000 gain, wages fell and unemployment fell as people left the workforce. Markets had September rate hike odds above 57% going into today. Three Fed officials voted to raise rates this week. That case is now much harder to make. For the week, the S&P 500 climbed 3.6%, the Dow climbed 3.0% and the Nasdaq climbed 5.2%.

Impact of the lower jobs data report: the dollar index (DXY) falls -0.37% to 99.56 as the Euro rises to 7-week high of $1.156; Treasury yields slipped across the board as rate hike chances tumble given the weaker jobs reading; precious metals back on the rise with gold, silver, platinum all surging on falling dollar/yields.  Shares of sectors that benefit from lower interest rates such as homebuilders, mortgage related companies, higher dividend paying sectors (utilities, REITs, telco) were among early market leaders on the weak jobs reading lowering chances of rate hikes by the Fed in coming meetings. Also seeing early strength in Consumer Discretionary (XLY) +1.5% along with technology (XLK) as software stocks rebound nicely on earnings, while materials get a boost (XLB) led by mining stocks on lower rate hike expectations (lifting gold and silver prices/miners). Energy (XLE) the early leader to the downside as oil prices dip and modest declines in Financials (XLF).

Software sector was strong on heels of several upbeat earnings reports overnight/this week. Companies including TEAM, FROG, TWLO surging after results/guidance last night with each having an explanation for AI helping rather than hurting its business. Earlier in the week good results from PLTR helped tech as well as NOW recently (with a few hiccups mid-week from HUBS, FIG). Shares of DDOG slumped yesterday despite beat and raise quarter noting shares have outperformed to record highs into print. The iShares Expanded Tech-Software Sector ETF is up 10% since the start of July amid a rotation from the PHLX Semiconductor Index’s which is down -15% drop same period.

• NY Fed: July five-year ahead expected inflation unchanged at 3% while the three-year ahead expected inflation was unchanged at 3.3%. July one year ahead expected inflation 3.6% versus June’s 3.7%; survey said July current and expected personal finances view improved; July labor market expectations were mixed.

• The U.S. dollar slid to 3 month lows after a surprising/disappointing jobs report sharply reduced expectations of a Federal Reserve rate hike next month. Investors are now reassessing the outlook for U.S. monetary policy, sending the yen higher and broadening pressure on the greenback. The euro hit 7-week highs and the yen rebounded after data showed U.S. employment unexpectedly declined in July, raising concerns about the economy (U.S. economy lost -23,000 jobs in July, vs, ests of an increase of 80,000 jobs).

• Restaurant sector: WEN Q2 revenue, adj EPS and EBITDA beat expectations but global systemwide sales fell 6.5%, driven by lower U.S. same-restaurant sales and fewer restaurants and the company withdrew 2026 outlook and cut dividend to fund turnaround plan under new leadership; TXRH posted solid results, with comparable sales growth of +6.2% balanced by both traffic and check growth and lowered its outlook for commodity inflation for 2026 (to ~+5%, from +6-7% previously). SG shares fell as latest victim of cyclospora fears, removes jalapeños over second outbreak.
• Retailer sector: UAA forecast a steeper annual decline in revenue, struggling with weak consumer spending saying now expects full-year revenue to decline by mid-single-digit percentage, compared with its prior target of a slight decline. GAP was downgraded from Overweight to Equal Weight at Wells Fargo saying uncertainty at ON grows - checks show assortment challenges, not enough value in offering and a history against the idea of a quick fix. FIGS jumped as posted better-than-expected Q2 (June) results and updated favorably its guidance for 2026; Q2 revenue expanded 29% (vs. Street +22% and guidance for low-20% range), marking the third consecutive quarter of 28%+ sales growth
• Homebuilders: DFH said it would acquire U.S. homebuilder BZH in an all-cash deal valued at about $2.2 billion, including debt, as Beazer shareholders will receive $33.50 in cash for each share they own. It represents a premium of 0.12% from Beazer's last close.

• Food Delivery/Ride Hailing: CART shares jumped after guides Q3 gross transaction value (GTV), a key metric that shows the value of products sold based on prices shown on Instacart, to be $10.30B-$10.55B, above consensus of $10.21B and core profit in the range of $320M-$340M vs. est. $318.8M. LYFT delivered a strong Q2 with accelerating bookings growth and record active riders, supported by strength across rideshare, bikes, and international markets
• Casinos & Gaming: DKNG Q2 pressure from customer-friendly sports outcomes and accelerated customer acquisition around Predictions and the World Cup; revenue missed estimate by 0.6%, while AEBITDA beat its estimate by 16.9%, making the result better than it expected.; DKNG maintained FY26 guidance without increasing its Predictions investment plan, as Predictions annualized volume rose from $2.3B to $11.0B q/q.

• In Utility/Alt Energy: OKLO posted a widened Q2 net loss of $48.5M vs. a loss of -$24.7M amid higher R&D costs and expenses related to expanding its engineering teams and regulatory efforts while revs rose to $1.2M from zero prior; ED reported Q2 adjusted EPS of $0.83, above consensus estimate, driven by rate base growth at CECONY and reaffirmed 2026 EPS guidance of $6.00-$6.20 and maintained its ~$38B capital plan supporting an 8.8% rate base CAGR; HASI delivered a strong 2Q, with results exceeding consensus expectations and highlighting the continued strength of its investment platform; VST posted a decline in Q2 revs $4.01B vs. est. $5.56B and profit  as unrealized losses on commodity hedges outweighed strong growth; Q2 interest expenses and related charges rose 3% y/y to $312M, while operating costs increased 16.4% to $853M while Q2 net income of $305M, down from $327M y/y.

• FinTech sector: SEZL shares plunged despite beating Q2 expectations and raising its outlook, as investors focused on rising operating expenses. Adjusted EPS of $1.13 topped the $1.02 consensus, while revenue rose 52% Y/Y to $149.7M, beating estimates by $14.6M. GMV jumped 38% to $1.3B, while active subscribers surged 76% to 854K. non-transaction-related operating expenses rose to 29% of revenue from 25.3% in Q1., while transaction-related costs increased to 36.5% from 26%, weighing on investor sentiment. DAVE shares fell, adding to prior day -15% decline on earnings as Barron’s noted the Dave story is a cautionary tale for investors, especially with a new wave of SPAC offerings on the horizon
• Crypto sector seeing broad gains on the day as Bitcoin rebounds back above $65,000 and Ethereum around $1,925 as the sector benefit from the weaker jobs data/less chance of rate hikes going forward by the Fed; shares of COIN, MSTR, HOOD, BMNR, CRCL among notable upside movers.

• REPL said the FDA granted accelerated approval to Replimune's drug Tudriqev for advanced melanoma in patients whose tumors grew despite prior treatment. Wedbush said stock's weakness is likely tied to the FDA-approved label citing a 24% objective response rate, ORR, below the 33% figure highlighted previously.
• RGNX downgraded to Equal Weight from Overweight at Barclays as sees potential upside for the company's wholly owned RGX-202 for Duchenne and ABBV-RGX-314 for wet age-related macular degeneration but says this is balanced by unknowns around the regulatory environment and competitive landscape.
• Healthcare Technology: DOCS shares surged after reported a solid beat, FQ2 revenue guidance in line with consensus (but at lower margins due to Ai investments), and FY guidance that was raised, but adj. EBITDA guidance cut also due to Ai spend; sees FY27 revenue $671M-$681M, above consensus $670.34M.
• Healthcare Services & Facilities: NTRA shares rose on results as 2Q revenue of $753M crushed consensus of $661M as gross Margin was 61.8% (ex-true up) and EPS was ($0.47) compared consensus of ($0.55); raised FY26 revenue guidance to be in the range of $2.85B-$2.91B from previous of $2.740B-$2.820B.
• Medical Equipment: QDEL shares tumbled as 2Q results topped consensus, with revs of $631M (vs. $619M cons) and EBITDA of $129M (vs. $109M cons), the company reduced its 2026 guidance, now expected adj EBITDA of $540M to $560M (from $615M to $630M prior), reflecting demand headwinds in China. RMD shares stumbled as weak 2027 sales forecast eclipses quarterly profit beat.

• Aerospace & Defense: SPCX upgraded to Buy from Hold with a $160 price target at Argus saying despite an outlook for higher-than-expected capital expenditures, mostly for AI infrastructure, the firm is encouraged by the rapid payback on these investments given the robust growth in computing capacity. BA noted the FAA has ordered the inspections of Boeing 737 MAX jets for cracks in the body of the aircraft, among the latest quality issues to affect the plane maker. AVAV shares jumped on US $400M Army contract headlines.
• Precious metal miners rallying behind a resurgence in gold, silver, platinum and palladium prices over the last week or so. Precious metal prices booming over the last week or so as Gold is up over 8% and Platinum up 13% in seven sessions while Silver has gained more than 14% in 4 sessions. Shares of miners including AEM, B, CDE, HL, FSM, NEM, PAAS, WPM saw notable gains on Friday. In uranium, UUUU upgraded from Neutral to Buy at Roth as its valuation has returned to more normalized mining industry metrics and multiples, while the company has also strengthened its long-term outlook, in its opinion.
• Rare earth sector: MP shares rallied behind better earnings results overnight while the group was very active (CRML, ALOY, USAR, TMC, UAMY). WSJ reported the Trump administration has agreed to provide more than $2 billion in funding for companies producing batteries and critical minerals, adding to a wave of government cash aimed at weaning the U.S. off Chinese suppliers. Reuters reported late day Westwater Resources (WWR) to receive $25M export-import bank loan for Alabama graphite facility. U.S. export-import bank to loan $58M to three critical-mineral companies as Trump meets with mining executives. Global advanced metals to receive $25M export-import bank loan to boost tantalum and niobium processing and 5e advanced metals to receive $8M in export-import bank loan for California boron project per Reuters.

• TWLO another quarter of organic revenue acceleration, a beat of expectations (17% organic vs guide of 10-11%), record operating income and FCF, and a full year raise above the 2Q beat as beat broad-based, with Messaging and Voice channels, and Self-Serve and ISV all contributing to the 2Q strength. For Q3, Twilio expects revenue of $1.505B-$1.515B and adjusted EPS of $1.42-$1.47, both above Wall Street estimates
• FROG reported strong Q2 results with Cloud growth accelerating for a second straight quarter to 53.2% (from Q1's 50%) and full-year Cloud growth outlook raised to ~42%; highlighted broad-based strength on higher annual commitments, robust usage, and Security adoption.

• IT Services & Consulting: NET raised its annual forecasts, betting that resilient AI-driven demand will sustain traffic across its network as raises FY26 EPS view to $1.25-$1.26 from $1.19-$1.20 and boosts FY26 revenue view to $2.864B-$2.87B from $2.804B-$2.813B (est. $2.81B) which followed a strong beat for Q2 results.
• Optical & photonics sector: AAOI delivered Q226 REV/EPS results inline/+$.02 vs consensus, while Q3 guidance was -2%/-$.09 below; FY26 revenue guidance was maintained; Q2 revenue (+86% Y/y) saw strong 200G/400G sales (+440% Y/y) with Amazon contributing ~25% of total revs and growing shipments of 800G. 1.6T is now poised to ramp in Q4 due to tight DSP supply against a $200MM hyperscale order.
• Quantum compute sector: IONQ shares rallied this week on earnings; RGTI 1H FY26 bookings alone now equal bookings for FY25 in total, clearly demonstrating the Re-acceleration in the company's revenue; QBTS reported mixed Q2 FY26 rev/bookings/EBITDA results; next week are earnings from two of the industry’s newest public companies QNT and INFQ. Quantinuum shares have steadily declined since their June debut, but the company’s first earnings report could provide a catalyst. Infleqtion, which went public in February, has strong government backing and focuses on quantum computing, sensors and atomic clocks.
• Gaming Software: TTWO topped Q1 consensus estimates but only maintained its year outlook while saying its preorders for upcoming game "Grand Theft Auto 6" as "exceptional. Unity (U) ads to prior day gains after several analysts on Wall Street upgraded shares after the co crushed Q2 expectations, led by accelerating Vector growth and stronger-than-expected profitability.

• SYNA reported F4Q revenue of $308M, beating the consensus est of $305M. EPS of $1.23 was above consensus est of $1.21. Gross margin of 54.5% was above consensus est of 53.6%. Guidance was not provided given its pending acquisition by ON
• Semi Equipment: ONTO shares jumped as Q2 results well-above consensus led by stronger sequential revenue growth in advanced nodes (+50% QQ), spread across both memory and Logic/foundry; Non-GAAP EPS 20c above the high-end of prior guidance range. Q3 guide also well-ahead ($390M mid-pt vs est. $350M), led by advanced packaging/specialty, which it now models +30% QQ; raised year outlook for advanced packaging to 80%+ (from 50%+), WFE to 35%+ (from +25%), and total sales >40% (from >30%).
• Memory sector: SKHY said that its board had approved about 54.3 trillion won ($38.30B) of investments through 2031, including 35.2 trillion won for the second phase of construction of its chip Fabrication plant in Yongin and 19.1 trillion won for its M17 chip plant in Cheongju.

Street Recommendations

Friday, August 7, 2026

• CLS Barclays analyst Tim Long lowered the firm's price target on Celestica to $406 from $430 and keeps an Overweight rating on the shares after the company announced an equity offering of $3B to fund investments. Barclays reduced earnings estimates to reflect the higher share count.
• LNG Barclays raised the firm's price target on Cheniere Energy to $279 from $274 and keeps an Overweight rating on the shares. The firm says the company's "strong" Q2 results were "underpinned by resounding operational and volumetric outperformance, supporting higher earnings power across commodity cycles."
• CQP Barclays analyst Theresa Chen raised the firm's price target on Cheniere Energy Partners to $66 from $63 and keeps an Underweight rating on the shares. The firm says the company's "strong" Q2 results were "underpinned by resounding operational and volumetric outperformance, supporting higher earnings power across commodity cycles."
• IOVA Barclays raised the firm's price target on Iovance Biotherapeutics to $13 from $11 and keeps an Overweight rating on the shares post the Q2 report. Amtagvi beats expectations and the company's gross margin reached record levels, the analyst tells investors in a research note.
• VAC Barclays analyst Brandt Montour raised the firm's price target on Marriott Vacations to $140 from $94 and keeps an Overweight rating on the shares post the Q2 report. The firm says the company's growth acceleration is "just getting started." It cites Marriott Vacations' revenue momentum, initiatives still on the come, and catalysts for higher flow-through for the target increase.
• OSCR Barclays raised the firm's price target on Oscar Health to $39 from $35 and keeps an Overweight rating on the shares post the Q2 report. The firm believes the earnings share selloff is overdone and represents an attractive entry point, saying Oscar has a credible path to continued growth and target margins in 2027 or earlier.
• RLAY Barclays analyst Etzer Darout raised the firm's price target on Relay Therapeutics to $30 from $27 and keeps an Overweight rating on the shares post the Q2 report. Relay's business update was in line with expectations with no surprises as the company continues to execute in breast cancer and vascular anomalies, the analyst tells investors in a research note.
• FUN Barclays analyst Brandt Montour lowered the firm's price target on Six Flags to $22 from $26 and keeps an Overweight rating on the shares post the Q2 report. The firm sees "plenty not to like" in the near term, but says the company's longer-term turnaround is still on track.

• PZZA Benchmark downgraded Papa John's to Hold from Buy.

• CELH Bernstein downgraded Celsius to Market Perform from Outperform with a price target of $26, down from $40. The firm is "shocked" by the Q2 earnings report. The stock's 19% sell-off underscored the disconnect between expectations and results, the analyst tells investors in a research note. Bernstein says Alani's sequential share gains have stopped, category growth has remained subdued, and it now has no line of sight into the recovery of the Celsius brand. as such, it sees limited upside potential in the shares.

• TTD BMO Capital analyst Brian Pitz downgraded Trade Desk to Market Perform from Outperform with a price target of $15, down from $38. The company's Q2 report is "disappointing," driven by softer macro conditions, brands shifting to low-cost programmatic fixed price media, and internal execution missteps, the analyst tells investors in a research note. BMO cites prospects for Trade Desk's headwinds remaining durable and potential for additional share loss over the next 12 months for the downgrade.
• BSY BMO Capital analyst Daniel Jester raised the firm's price target on Bentley Systems to $43 from $41 and keeps an Outperform rating on the shares. Bentley delivered continued execution in Q2, with momentum in Seequent and PLS driving ARR growth toward the high end of FY26 guidance and supporting a constructive long-term outlook, the analyst tells investors in a research note.

• TEAM BofA upgraded Atlassian to Buy from Neutral with a price target of $175, up from $105. Following a strong finish to FY26, a better-than-expected FY27 Cloud growth outlook is "putting to rest revenue growth concerns," the analyst tells investors. The firm, which thinks investors underestimate the value of Atlassian's workflow and collaboration data, sees growing evidence that its Teamwork Graph is becoming a differentiated AI asset. The firm believes Atlassian is "emerging as an AI beneficiary rather than an AI victim," the analyst added.
• U BofA upgraded Unity to Buy from Neutral with a price target of $50, up from $30. The firm views Unity Ads' "blowout quarter" as an inflection point and now sees a Vector growth runway that is sustainable through year-end calendar 2027, the analyst tells investors. The firm expects a revisions cycle in Street second half and 2027 estimates, the analyst added.
• TWLO BofA raised the firm's price target on Twilio to $270 from $235 and keeps a Buy rating on the shares after a Q2 "beat-and-raise." The firm thinks Twilio's long-term growth prospects as a share gainer in the Communications-Platform-as-a-Service space remains underappreciated, the analyst tells investors in a post-earnings note.
• DBX BofA raised the firm's price target on Dropbox to $30 from $28 and keeps an Underperform rating on the shares. Dropbox delivered better-than-expected Q2 results, driven by improving fundamentals across its core business, notes the analyst, who keeps an Underperform rating given the continued belief that uncertainty around Dash monetization and ongoing related margin dilution constrain the risk/reward.

• ICUI BTIG raised the firm's price target on ICU Medical to $200 from $170 and keeps a Buy rating on the shares. ICU Medical delivered a strong Q2 with revenue, EBITDA, and EPS upside, raised guidance, and improving margins driven by pump demand, operational synergies, and progress toward a significant free cash flow inflection, the analyst tells investors in a research note.
• CARG BTIG analyst Marvin Fong raised the firm's price target on CarGurus to $41 from $40 and keeps a Buy rating on the shares. CarGurus delivered a solid Q2 despite FTC-related dealer spending disruptions, with revenue and EBITDA beats, improved margin outlook, and continued innovation in products like PriceVantage and VINMax supporting long-term growth, the analyst tells investors in a research note.
• NTRA BTIG raised the firm's price target on Natera to $320 from $290 and keeps a Buy rating on the shares. Natera delivered a strong Q2 with significant revenue upside, raised guidance, and record Signatera volume growth, while expanding regulatory milestones reinforce its leadership position and long-term MRD growth opportunity, the analyst tells investors in a research note.
• UWMC BTIG lowered the firm's price target on UWM Holdings to $2 from $4 and keeps a Buy rating on the shares. UWM's dilutive capital raise was disappointing, but the company's delevered operating business remains a strong industry leader, with valuation offering attractive upside as investor confidence rebuilds, the analyst tells investors in a research note.
• U BTIG raised the firm's price target on Unity to $51 from $43 and keeps a Buy rating on the shares. Unity delivered a strong Q2 with Vector growth significantly exceeding expectations, improving ad performance, and expanding margin potential, while ongoing product enhancements support a durable growth trajectory through 2027 and beyond, the analyst tells investors in a research note.

• ABNB Canaccord raised the firm's price target on Airbnb to $200 from $180 and keeps a Buy rating on the shares. The firm said Airbnb reported strong Q2 results, with all key metrics coming in ahead of guidance. Nights and Seats Booked growth accelerated q/q as continued momentum in expansion markets was complemented by accelerating origin nights growth in larger core markets such as the US, France, the UK, and Australia.
• AORT Canaccord raised the firm's price target on Artivion to $39 from $36 and keeps a Buy rating on the shares. The firm said Artivion had an operationally productive quarter that sets the company up to execute its long-term strategy and become the dominate player in Aortic Arch surgery. In the quarter, Artivion closed its acquisition of Endospan, received PMA approval for AMDS, and delivered solid Q2 growth in key areas.
• FROG Canaccord analyst Kingsley Crane raised the firm's price target on JFrog to $105 from $95 and keeps a Buy rating on the shares. The firm said they were constructive on JFrog's ability to deliver growth upside and that this would afford the company a good forum to address the July zero- day and its place in a rapidly evolving DevSecOps landscape and that played out nicely.
• IRTC Canaccord raised the firm's price target on iRhythm to $196 from $157 and keeps a Buy rating on the shares. The firm said they had a strong Q2 beat-and-raise and also announced the acquisition of private company VitalConnect while Management raised FY26 guidance, now projecting revenue of $880M-$890M (18%-19% year over year growth).
• NSIT Canaccord raised the firm's price target on Insight Enterprises to $140 from $75 and keeps a Hold rating on the shares. The firm noted shares have doubled buit does not attribute it to anything the company has done but rather by AI-driven exuberance and the price inflation and demand pull-in that dynamic has created for any piece of technology hardware with memory in it; which is to say, basically everything.
• NTRA Canaccord analyst Kyle Mikson raised the firm's price target on Natera to $375 from $330 and keeps a Buy rating on the shares. The firm said their price target increase is driven by revenue increases supported by continued execution in oncology and Women's Health and a promising catalyst path such as near-term Signatera launch in Japan..
• TNDM Canaccord analyst William Plovanic raised the firm's price target on Tandem Diabetes to $40 from $35 and keeps a Buy rating on the shares. The firm said Tandem delivered a solid Q2 and reinforced the thesis that its ongoing business transformation is beginning to drive both top-line growth and profitability with promising new product launches on the horizon.

• MU Citi analyst Atif Malik lowered the firm's price target on Micron to $1,150 from $1,400 and keeps a Buy rating on the shares. The firm cites lower market multiples on "mixed" memory peer earnings reports for the target cut. Citi sees both DRAM and NAND prices decelerating in the next four quarters.
• FUN Citi analyst James Hardiman lowered the firm's price target on Six Flags to $17 from $19 and keeps a Neutral rating on the shares. The firm views the company's Q2 report as "disappointing." Citi has reset expectations for the pace of Six Flags' margin recovery.
• TTD Citi downgraded Trade Desk to Sell from Neutral with a price target of $11, down from $21. The firm materially lowered its EBITDA estimates for Trade Desk following the Q2 miss abd below consensus outlook for Q3. The analyst does not expect Trade Desk to return to growth until 2028 due to advertiser headwinds and execution challenges.

• U Deutsche Bank analyst Benjamin Black upgraded Unity to Buy from Hold with a price target of $50, up from $31. The company's Q2 results indicate Vector has entered the early stages of a "sustained growth cycle," the analyst tells investors in a research note. The firm say Vector is "compounding" across product improvements, better data and higher advertiser spend. Deutsche now has greater confidence that Unity's 23% quarter-over-quarter Vector growth was not a one-time benefit. It believes both sides of Unity's earnings algorithm have "improved materially."

• GENI Goldman Sachs raised the firm's price target on Genius Sports to $10.50 from $9.50 and keeps a Buy rating on the shares. Genius Sports raised FY26 guidance on continued Betting and Media momentum, with Legend synergies, prediction market opportunities, and AI-driven advertising solutions emerging as key growth drivers, the analyst tells investors in a research note.
• VAC Goldman Sachs raised the firm's price target on Marriott Vacations to $132 from $100 and keeps a Buy rating on the shares. Marriott Vacations delivered a major beat-and-raise quarter with accelerating VPG and contract sales growth, driving meaningful estimate revisions and reinforcing confidence in its multi-year earnings trajectory, the analyst tells investors in a research note.

• ROKU Guggenheim downgraded Roku to Neutral from Buy with a price target of $160, up from $145.
• XPOF Guggenheim downgraded Xponential Fitness to Neutral from Buy and removed the firm's price target, citing declining comps, marketing effort challenges, and the merchandising product transition. The comp weakness is now coming against easier compares despite several quarters of stepped-up marketing spend, while the merchandising transition has "not gone as smoothly as expected," the analyst tells investors.
• AKAM Guggenheim analyst John DiFucci raised the firm's price target on Akamai to $190 from $181 and keeps a Buy rating on the shares. Q2 results were largely in line and while Akamai guided Q3 and annual revenue below the Street, the company signed another mega deal and said that revenue growth would accelerate to the low teens percentage in 2027, the analyst tells investors.
• NET Guggenheim raised the firm's price target on Cloudflare to $160 from $140 and keeps a Sell rating on the shares. While the firm says it acknowledges "the strong momentum exhibited by the results over the last year," it cites valuation, the potential for disruption with the departure of President of Revenue, Mark Anderson, and increasingly difficult comps for its continued Sell rating.
• GMAB Guggenheim analyst Michael Schmidt raised the firm's price target on Genmab to $42 from $40 and keeps a Buy rating on the shares after the company reported "robust" Q2 results and raised 2026 guidance.

• QBTS Jefferies lowered the firm's price target on D-Wave Quantum to $40 from $45 and keeps a Buy rating on the shares. D-Wave missed June quarter revenue estimates, but the setup points to "a significant Q4 bump" with two systems set to ship by year-end, the analyst tells investors.
• TEAM Jefferies raised the firm's price target on Atlassian to $200 from $150 and keeps a Buy rating on the shares. Cloud revenue growth of 31% beat guide by 5 points and FY27 guidance for 25.5% growth was 2 points "ahead of bogey," the analyst tells investors. The set-up is attractive for FY28 reacceleration, says the analyst, who sees a path for at least 20% total revenue growth in the medium-term.
• NET Jefferies analyst Joseph Gallo raised the firm's price target on Cloudflare to $350 from $290 and keeps a Hold rating on the shares. While consumption has quarter-to-quarter variability, the firm views Q3 revenue growth guidance of 31% year-over-year as "prudent" and sees a path to further acceleration despite toughening comps, the analyst tells investors.
• TWLO Jefferies raised the firm's price target on Twilio to $240 from $195 and keeps a Buy rating on the shares. The Q2 bar was high after a strong Q1 and a sharp year-to-date rally, but Twilio "delivered in spades," the analyst tells investors. Commentary on non-messaging products reinforced the thesis that Twilio is benefitting from AI and better execution, the analyst added.

• CIFR JPMorgan lowered the firm's price target on Cipher Mining to $22 from $23 and keeps an Overweight rating on the shares following the Q2 report. The firm says the company is making significant progress on its expected deliveries and was able to pull forward Phase 1 of Black Pearl by two months.
• LAMR JPMorgan analyst Alexey Philippov raised the firm's price target on Lamar Advertising to $160 from $153 and keeps a Neutral rating on the shares following the earnings report. Lamar's commentary pointing to 6% organic growth in the second half of 2026 was stronger than anticipated and should support modest earnings upgrades, the analyst tells investors in a research note.
• NTRA JPMorgan raised the firm's price target on Natera to $360 from $315 and keeps an Overweight rating on the shares post the Q2 report. The company reported an "exceptional" Signatera growth quarter, the analyst tells investors in a research note. The firm views Natera's catalyst path ahead as underappreciated.

• CCOI KeyBanc lowered the firm's price target on Cogent to $15 from $25 driven by a material reduction in estimates, while keeping an Overweight rating on the shares. The firm notes Q2 results broadly missed expectations, and KeyBanc is not seeing the improvement in the growth of "Cogent classic" or a fast enough acceleration in growth in Wavelength.
• FIGS KeyBanc analyst Noah Zatzkin raised the firm's price target on Figs to $20 from $19 and keeps an Overweight rating on the shares. The firm notes the company posted another strong quarter, underpinned by strong broad-based growth across geographic regions and categories alongside active customer growth. Encouragingly, expectations were raised for the full year, but still appear measured given Q4 compares, and KeyBanc sees potential for upside if strong frequency trends persist. The firm continues to see near- and long-term opportunity in international, TEAMS, Community Hubs, and new products.
• FROG KeyBanc analyst Jason Celino raised the firm's price target on JFrog to $114 from $89 and keeps an Overweight rating on the shares. The firm notes JFrog reported strong Q2 results with Cloud growth accelerating for a second straight quarter to 53.2% and full-year Cloud growth outlook raised to about 42%. The company highlighted broad-based strength on higher annual commitments, robust usage, and Security adoption. KeyBanc is also encouraged by JFrog's fourth AI-lab customer win, which further validates its market position and meaningful opportunity with additional AI-native companies.
• PH KeyBanc raised the firm's price target on Parker-Hannifin to $1,210 from $1,100 and keeps an Overweight rating on the shares. Following the company's Q4 earnings, although not surprised, the firm walked away impressed by the clear rapidly growing Short-Cycle inflection momentum paired with management's continued confidence in driving broad-based margin improvement both near- and long-term. As such, KeyBanc is incrementally more confident in its long-term thesis, seeing Aero tailwinds and Short-Cycle recovery momentum compounded by M&A supporting positive estimate revisions long-term.
• VNT KeyBanc analyst Katie Fleischer raised the firm's price target on Vontier to $40 from $35 and keeps an Overweight rating on the shares. The firm was encouraged by Vontier's Q2 results, which beat expectations even after normalizing for the Teletrac divestiture and IEEPA tariff refunds. KeyBanc thinks secular tailwinds within Convenience Retail, along with internal cost-out programs, should drive stronger revenue growth and margins in coming quarters and potential upside to the FY26 outlook.

• APPN Morgan Stanley analyst Sanjit Singh raised the firm's price target on Appian to $32 from $25 and keeps an Equal Weight rating on the shares. An acceleration in constant currency Cloud growth and material raise to FY26 guidance "points to an AI strategy that appears to be resonating," the analyst tells investors.

• DV Raymond James analyst Andrew Marok downgraded DoubleVerify to Market Perform from Outperform without a price target after the company announced an agreement to be acquired by Nielsen in an all-cash transaction for $13.60 per share. The likelihood of competing bidders is low given the strategic acquirer, the analyst tells investors in a research note.
• PUBM Raymond James upgraded PubMatic to Outperform from Market Perform with a $22 price target. The firm views the company's Q2 report as "strong." PubMatic delivered its promised return to growth one quarter ahead of schedule on the back of sustainable fundamental improvements, the analyst tells investors in a research note. Raymond James believes the narrative of PubMatic as a legacy, desktop-indexed platform is "becoming increasingly outdated," with 60% of its revenue now coming from higher-growth formats outside of the web, including mobile app and emerging businesses.

• TTD RBC Capital analyst Matthew Swanson downgraded Trade Desk to Sector Perform from Outperform with a price target of $15, down from $33. A combination of cyclical challenges in its end markets and a complex competitive environment has made it challenging to gain revenue visibility, while the fixed cost nature of the model will likely lead to near-term margin pressure, the analyst tells investors. A cost-restructuring will be necessary, the analyst added.

• AVPT Scotiabank raised the firm's price target on AvePoint to $15 from $12 and keeps an Outperform rating on the shares. The company reported "solid" Q2 annual recurring revenue, and the firm believes the company is well positioned to capitalize on enterprise AI adoption, the analyst tells investors.
• CDE Scotiabank analyst Eric Winmill lowered the firm's price target on Coeur Mining to $26.50 from $28.50 and keeps an Outperform rating on the shares. The firm updated its price target following Q2 results, the analyst tells investors. Additionally, the firm expects the company to guide to a stronger second half with production growth across its portfolio assets.
• DDOG Scotiabank analyst Patrick Colville raised the firm's price target on Datadog to $285 from $275 and keeps an Outperform rating on the shares. While Q2 results were "fundamentally sound," guidance is weighing on the shares, the analyst tells investors. The firm notes that with Datadog shares down and expectations reset, the risk/reward profile now skews to the upside.
• TTD Scotiabank lowered the firm's price target on Trade Desk to $12 from $20 and keeps a Sector Perform rating on the shares. Following Q2 results, the firm believes the key takeaway is the increasing competitive pressure intersecting with weak sales execution, the analyst tells investors. Scotiabank notes management needs to show it can stop large-advertiser leakage and convert product fixes into spend recovery before confidence will return.

• TXRH Stephens raised the firm's price target on Texas Roadhouse to $205 from $180 and keeps an Equal Weight rating on the shares following what the firm calls "another solid quarter." While the firm views Texas Roadhouse as a best-in-class operator, it argues that shares' premium multiple "already capture much of its operational prowess."
• DXPE Stephens raised the firm's price target on DXP Enterprises to $220 from $160 and keeps an Overweight rating on the shares. Earnings power has "moved significantly higher," says the analyst, who is updating the firm's model after Q2 earnings.
• RKT Stephens analyst Kyle Joseph lowered the firm's price target on Rocket Companies to $20 from $22.50 and keeps an Overweight rating on the shares. Rocket delivered "solid results in a challenging market backdrop," says the analyst, who adds that guidance shows that "even the most insulated competitor is not immune from rapidly rising rates."
• JHX Stephens analyst Trey Grooms raised the firm's price target on James Hardie to $34 from $33 and keeps an Overweight rating on the shares following the beat and raise in fiscal Q1.

• G Susquehanna raised the firm's price target on Genpact to $37 from $33 and keeps a Neutral rating on the shares. The firm updated its model following Q2 results which were ahead of expectations on revenue, ATS growth, and EPS, prompting management to raise FY26 ATS guidance to "at least 25%" (from at least 20%), and EPS growth to "at least 12%" (from at least 10%).
• ATI Susquehanna raised the firm's price target on ATI to $265 from $215 and keeps a Positive rating on the shares. The firm raised its EBITDA estimates after Q2 EBITDA came in above the high end of estimates. The company raised full-year guidance across every key metric, taking the adjusted EBITDA midpoint to $1.16bn from $1.035bn. Susquehanna believes remains well positioned to capitalize on the robust demand environment as its operational execution continues to progress.

• NET TD Cowen raised the firm's price target on Cloudflare to $355 from $300 and keeps a Buy rating on the shares. The company reported strong results, highlighted by 36% year-over-year revenue growth, the analyst tells investors in a research note. The firm says Cloudflare set records for year-over-year net additions across all large customer tiers as well as large contracts. The company is well positioned to play a lead role as AI unfolds, contends TD.
• SG TD Cowen lowered the firm's price target on Sweetgreen to $5 from $8 and keeps a Hold rating on the shares. The company reported softer than expected Q2 sales due to mix headwinds before the impact of negative industry media publicity surrounding Cyclospora on July 10, the analyst tells investors in a research note. The firm believes the company's Q3 guidance is appropriately conservative.
• DVA TD Cowen analyst Ryan Langston upgraded DaVita to Buy from Hold with a price target of $220, up from $201. The firm cites the company's improved long-term outlook the stock's recent pullback for the upgrade. TD sees DaVita's market position as improving versus its largest competitor. The company is poised to take share while the MOTheR trial results open up another care modality that should help volume growth, the analyst tells investors in a research note.

• DV Truist downgraded DoubleVerify to Hold from Buy with a price target of $13.60, down from $16, after the company announced an agreement to be acquired by Nielsen in an all-cash transaction for $13.60 per share. Truist believes the transaction is likely to go through and finds the valuation fair following the latest Q2 results.

• INSM UBS raised the firm's price target on Insmed to $172 from $166 and keeps a Buy rating on the shares. Insmed delivered a strong Q2 beat and raised guidance, with Brinsupri launch outperformance reinforcing franchise durability and supporting a path to sustained growth and cash flow positivity by 2027, the analyst tells investors in a research note.
• PH UBS raised the firm's price target on Parker-Hannifin to $1,250 from $1,092 and keeps a Buy rating on the shares. Parker-Hannifin delivered a strong quarter with accelerating orders and raised earnings potential, as improving industrial demand, acquisitions, and organic growth support further upside, the analyst tells investors in a research note. UBS sees potential for earnings to approach $50 per share within the next two to three years.
• USFD UBS raised the firm's price target on US Foods to $127 from $117 and keeps a Buy rating on the shares. US Foods delivered a solid quarter with strong independent case growth, smooth execution of its compensation transition, and continued Pronto demand, outweighing modest concerns around total case growth and fuel timing, the analyst tells investors in a research note.
• WRBY UBS raised the firm's price target on Warby Parker to $28 from $27 and keeps a Neutral rating on the shares. Warby Parker's Q2 results reflected near-term macro pressure on customer growth, but strong revenue per customer, eye exam momentum, and investment in Intelligent Eyewear provide potential catalysts as the company navigates its transition, the analyst tells investors in a research note.
• CF UBS raised the firm's price target on CF Industries to $123 from $115 and keeps a Neutral rating on the shares.
• LYFT UBS raised the firm's price target on Lyft to $17 from $16 and keeps a Neutral rating on the shares. Lyft delivered a strong Q2 with accelerating bookings growth and record active riders, supported by strength across rideshare, bikes, and international markets, though further EBITDA margin improvement remains key to achieving long-term targets, the analyst tells investors in a research note.
• PZZA UBS lowered the firm's price target on Papa John's to $28 from $33 and keeps a Neutral rating on the shares. Papa John's reported a challenging Q2 with North America same-store sales pressure driving lower guidance, while cost savings, store optimization, and transformation efforts provide a path toward future recovery, the analyst tells investors in a research note.
• TTD UBS lowered the firm's price target on Trade Desk to $16 from $28 and keeps a Buy rating on the shares. Trade Desk faced continued macro pressure and a weaker Q2 outlook, but improved sales execution, product updates, and growing JBP momentum provide early signs of a potential recovery, the analyst tells investors in a research note.
• NET UBS raised the firm's price target on Cloudflare to $350 from $250 and keeps a Neutral rating on the shares. Cloudflare delivered an exceptional quarter with accelerating revenue growth, raised FY26 guidance, improving margins, and strong GTM execution, reinforcing momentum across its platform and Act 4 opportunity, the analyst tells investors in a research note.
• MUR UBS analyst Josh Silverstein lowered the firm's price target on Murphy Oil to $38 from $41 and keeps a Neutral rating on the shares. Murphy Oil's Q2 update was challenging as lower resource estimates, higher capex, and drilling uncertainty reduced near-term exploration upside, though the company remains well positioned to navigate these changes, the analyst tells investors in a research note.
• CACI UBS raised the firm's price target on CACI to $804 from $598 and keeps a Buy rating on the shares. CACI continues to demonstrate consistent growth and margin expansion despite market headwinds, with strong backlog growth, technology-focused offerings, ARKA synergies, and AI-driven productivity supporting a durable outlook, the analyst tells investors in a research note.

• ABNB Wedbush upgraded Airbnb to Outperform from Neutral with a price target of $200, up from $152, on the back of a strong Q2 earnings print, Q3/FY26 guidance, and positive signals of product initiatives. Core platform improvements like RNPL, and single fee are driving strength, while new initiatives like Hotels in particular are off to a strong start, and the firm views as a promising opportunity to capture a larger part of the travel TAM for Airbnb.

• GENI Wells Fargo analyst Trey Bowers downgraded Genius Sports to Equal Weight from Overweight with an unchanged price target of $8. The firm sees little room for execution error at current share levels. Genius is a "show-me story" on free cash flow and its mix shift to a lower-multiple business with the Legend deal, the analyst tells investors in a research note. Wells is taking a more cautious approach on the digital gaming sector with the downgrade. It cites valuation for the downgrade following the stock's recent rally.
• DV Wells Fargo analyst Alec Brondolo upgraded DoubleVerify to Equal Weight from Underweight with a price target of $13.60, up from $8, after Nielsen announced it will be acquiring DoubleVerify for $13.60 per share, representing a total equity value of $2.15B. The deal is expected to close by Q1 of 2027 subject to approval by DoubleVerify shareholders and regulatory approvals, the analyst tells investors in a research note.
• TWLO Wells Fargo analyst Ryan MacWilliams raised the firm's price target on Twilio to $275 from $225 and keeps an Overweight rating on the shares. The firm notes the company printed a strong Q2, highlighted by reacceleration in both Voice and organic revenue. Wells is incrementally encouraged by signs of improving fundamentals and believes investors are likely to get more comfortable with the go forward trajectory here.
• NET Wells Fargo analyst Ryan MacWilliams raised the firm's price target on Cloudflare to $380 from $300 and keeps an Overweight rating on the shares. Strong Q2 results were driven by rapid growth in Cloudflare's platform consumption and large customer momentum. The firm is encouraged by broad-based strength and believes investors feel better about the second half of the year upside trajectory after a stronger Q2 beat.
• TTD Wells Fargo analyst Alec Brondolo lowered the firm's price target on Trade Desk to $12 from $20 and keeps an Equal Weight rating on the shares. After several challenging quarters, Trade Desk reported another miss while guiding significantly below consensus. In Wells's view, trends will continue to deteriorate unless Trade Desk aligns pricing with the broader industry.
• TEAM Wells Fargo analyst Ryan MacWilliams raised the firm's price target on Atlassian to $180 from $140 and keeps an Overweight rating on the shares. The firm notes the company reported Q4 results above investor expects, likely reducing concerns on declining developer seats. Q4 exit rates provide comfort for FY27 and potential guidance upside, and showcases Atlassian's increasingly important role in an AI world, Wells adds.
• LYFT Wells Fargo raised the firm's price target on Lyft to $19 from $18 and keeps an Equal Weight rating on the shares. Print and guide were both modestly ahead of expectations, but would prefer a mix of greater volumes and less price, the firm notes. Wells is concerned about higher headline prices and a steady diet of consumer incentives to stimulate demand.
• RKT Wells Fargo analyst Donald Fandetti lowered the firm's price target on Rocket Companies to $15 from $17 and keeps an Equal Weight rating on the shares. The firm says Rocket continues to gain market share and grow its competitive advantage vs peers. That said, the mortgage origination market remains challenging, given the higher 10-year UST yield.
• FSLR Wells Fargo raised the firm's price target on First Solar to $313 from $300 and keeps an Overweight rating on the shares. The long-awaited Sec 232 polysilicon order was released today. Wafer MIP of 14c/w is above the firm's 12c/w est. The results are an 8c/w ASP uplift vs Wells' prior estimate of +7c/w.
• NTRA Wells Fargo raised the firm's price target on Natera to $284 from $220 and keeps an Equal Weight rating on the shares. The firm notes Q2 revenue beat consensus on record Signatera sequential volume growth and strong performance in women's health and oncology health.
• RMD Wells Fargo analyst Nathan Treybeck lowered the firm's price target on ResMed to $215 from $225 and keeps an Equal Weight rating on the shares. The firm notes the company reported a mixed Q4 as halted Astral sales weighed on results. FY27 sales guidance was below prior Street, 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: AAON ACHR ACM ACVA ALC ALMR ALTI APEI ASTS BBIO BKD BKKT BODI BW BZH CATX CCAP CNNE CODI DH DSP EVC GAIA GETY GPRO GUTS HIMS HNRG HPK HROW IHRT JBR JRVR MG NGS NHI NUS PANL PFLT PLBY PLUG QMCO QUBT RKLB RPAY RPD RUM SPG SRFM SVM TCMD TELA UPWK VREX WBTN

• Keybanc Technology Leadership Forum, 8/9-8/11, in Park City
• Needham 11th Annual MedTech & Diagnostics 1x1 Conference 8/10-8/11 (virtual)
• Stifel Biotech Summer Summit, 8/10-8/12, in Newport, RI
• TD Cowen 12th Annual Communications Infrastructure Summit, 8/10-8/11, in Boulder, CO

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Existing Home Sales for July
• 1:00 PM ET US Treasury to sell $58N in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close:  AGRO AQST ATRO BGS BORR BRCB CAVA CDXS CINT CRWV DDI DNN EROC EVLV FLY FNV GRWG HRB HYLN IMOS LITE MLYS NCMI NN OWLT PXLW QNT QUIK SINT SMCI STXS TSHA WPRT WRAP

• DA Davidson 2026 Smallcap Conference, 8/10-8/11 (virtual)
• DA Davidson 16th Annual Western Bank Summit, 8/11-8/12 (virtual)
• Keybanc Technology Leadership Forum, 8/9-8/11, in Park City
• Needham 11th Annual MedTech & Diagnostics 1x1 Conference 8/10-8/11 (virtual)
• Oppenheimer 29th Annual Technology, Internet & Communications Conference, 8/11-8/13
• Stifel Biotech Summer Summit, 8/10-8/12, in Newport, RI
• TD Cowen 12th Annual Communications Infrastructure Summit, 8/10-8/11, in Boulder, CO

• 8:30 AM ET                   Consumer Price Index (CPI) headline M/M for July
• 8:30 AM ET                   Consumer Price Index (CPI) headline Y/Y for July
• 8:30 AM ET CPI Core – Ex: Food & Energy M/M for July
• 8:30 AM ET CPI Core – Ex: Food & Energy Y/Y for July
• 10:30 AM ET                 Weekly EIA Inventory Data
• 11:00 AM ET                 Cleveland Fed CPI for July
• 1:00 PM ET US Treasury to sell $39B in 10-year notes
• 2:00 PM ET                    Federal budget for July

• Earnings After the Close: ALLO AOSL AVIR BSEM BTGO CAE CBRS CEPL COHR CRWS CSCO CURI DERM ENS ENVX EQPT FGI FOSL GO HLIT INFQ INO INVE ITG JACK KE KURA LFTO LVLU MCHX NNE NOA OPRX PAAS RNXT RRGB SCOR SKYH SPCE SPIR STAA STEM STN STUB TBBB USIO WHK

• DA Davidson 16th Annual Western Bank Summit, 8/11-8/12 (virtual)
• Oppenheimer 29th Annual Technology, Internet & Communications Conference, 8/11-8/13
• Stifel Biotech Summer Summit, 8/10-8/12, in Newport, RI

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Producer Price Index (PPI) headline M/M for July
• 8:30 AM ET                   Producer Price Index (PPI) headline Y/Y for July
• 8:30 AM ET PPI Core – Ex: Food & Energy M/M for July
• 8:30 AM ET PPI Core – Ex: Food & Energy Y/Y for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: AEYE AMAT API ARX AVX BEAT CBUS CODX DEFI DLO DMRC ETON FIGR FTLF GEMI GLOB GWH HAWK HIT HTFL IDN JCAP KLC LSF MDXH BKTR PED PETS REKR SPRY VERI VUZI WKHS XOS YSS

• 8:30 AM ET                   Retail Sales Ex: Autos M/m for July
• 10:00 AM ET                 Business Inventories M/M for June
• 10:00 AM ET                 University of Michigan Confidence Aug-prelim
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations
• 1:00 PM ET                    Baker Hughes Weekly rig count data

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