Early Look

Friday, July 31, 2026

U.S. futures are up strong on this final trading day of the week, adding to the Thursday sharp gains especially in technology (XLK, SOX, QQQ) as Amazon (AMZN) is leading, rising 13% overnight, while Apple shares slide -7% after its latest forecasts disappointed investors. The continuing rebound comes at the end of a turbulent week in which AI concerns, the Iran war, the Federal Reserve and losses at a highflying AI-focused hedge fund whipsawed markets. The tech rally is being fueled by relief after a sale of stock by the firm, Situational Awareness, gave investors more confidence to wade back into AI-related stocks, investors said. Amazon reported accelerating cloud-computing sales (Revenue rose 20% to $200.6B, while AWS revenue jumped 37% to $42.2B, topping estimates and marking its fastest growth in 18 quarters). Meanwhile Apple plunged despite the iPhone maker posting a Q3 beat on revenue and earnings, as weaker-than-expected Services revs and Greater China revenue overshadowed strong iPhone and Mac sales. The gains are big in Asia as well as The Nikkei Index surged 2,494 points or 4% to end the week at 64,362, the Shanghai Index rose 27 points to 3,832, the Hang Seng Index edged higher 25 points to 25,884 and the Korean Kospi surged nearly 20% to 1,046, rebounding after having plunged in recent weeks after rapid gains earlier this year fueled by a frenzy in AI-related stocks. In Europe, the German DAX is up 193 points to 25,805, while the FTSE 100 advances 60 points to 10,958. Japanese authorities intervened on Thursday to prop up the yen, helping drive USD/JPY down 392 bps in its biggest one-day fall since 2022 to as low at 158, but is back above 160 this morning despite the intervention.

• The Dow Jones Industrial Average rose 613.92 points, or 1.19%, to 52,208.06
• The Nasdaq Composite surged 679.24 points, or 2.78%, to 25,122.18
• The Russell 2000 Index advanced 39.80 points, or 1.37% to 2,946.11

• 9:45 AM ET                   Chicago PMI for July
• 10:00 AM ET                 University of Michigan Sentiment, July-final
• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations, July-final
• 1:00 PM ET                    Baker Hughes Weekly rig count data

• Floor & Décor (FND) Q2 Adj EPS $0.58 vs est $0.56, revenue $1.25B vs est $1.232B, comps -2.1%; FY26 net sales guide $4.77B to $4.99B vs est $4.831B, FY26 comps guide -4% to flat, sees FY26 adj EBITDA $545Mm to $580Mm vs est $546.37Mm and FY26 CAPEX $240Mm to $275Mm.
• Live Nation (LYV) Q2 adj operating income $817M vs. est. $784.7M; Q2 revs $7.67B vs. est. $7.53B; "Full year capital expenditures now projected to be $1.1 billion, toward the lower end of our initial range due to timing of projects; said it hit record second-quarter concert attendance of 49 million fans.
• Mohawk Industries (MHK) Q2 adj EPS $3.67 vs. est. $2.58; Q2 revs $3.0B vs. est. $2.78B; Sees Q3 EPS $2.50-$2.60 vs. est. $2.37; implemented pricing increases across products, geographies due to higher labor, overhead, material, energy & transportation costs.
• Rivian Corp.(RIVN) Q2 adj EPS ($0.47) vs est ($0.63) on revs $1.658B vs est $1.507B, guides FY deliveries 65-70k vs prior 62-67k, sees FY adj EBITDA ($2B)-($1.8B) vs est ($1.987B)

• Chevron (CVX) Q2 adjusted EPS $6.06 tops consensus $5.57 on revs $70.06B vs. est. $67.98B; Q2 upstream earnings $8.18B; 2Q cash flow from ops $22.6B vs. est. $19.72B; sees FY capex low end of $18B-$19B; ran U.S. refineries at 97% of capacity during second qtr; Most Recent; Q2 U.S. production was a record 2.1 million barrels oil equivalent per day.
• Enbridge's (ENB) Line 5 oil pipeline is liable for trespassing on the Bad River Reservation in Wisconsin, the 7th U.S. Circuit Court of Appeals ruled Thursday, but the court gave the ‌company more time to reroute the pipeline and ordered a recalculation of damages.
• ExxonMobil (XOM) missed Q2 profit estimates saying earnings rose 67% q/q to $14.7B, or $3.52 per share and below the consensus of $3.60; still, the quarterly profit was more than double the amount posted by the largest U.S. producer in the same period of last year; Q2 total production was 4.5M barrels of oil equivalent per day, down from 4.6M boepd in the first three months of the year.
• First Solar (FSLR) Q2 EPS $3.92 vs. est. $2.86; Q2 sales $1.056B misses $1.062B est. and down from $1.1B y/y; Net sales dropped primarily due to lower revenue following customer contract terminations; the company expects module sales to be between 3.9 GW and 4.5 GW in Q3; cost of sales fell to $451.2M from $597.3M
• Nextpower Inc. (NXT) Q1 Adj EPS $1.20 vs est $1.05, revenue $935Mm vs est $936.5Mm, +6.2% YoY revenue, adj EBITDA $233Mm vs est $204.22Mm, adj EBITDA margin 24.9%; FY27 revenue guide $4.0B to $4.4B vs $4.25B est, FY27 adj EBITDA guide $845Mm to $930Mm vs $900Mm prior and $910.55Mm est; FY27 adj EPS guide $4.30 to $4.73 vs $4.61 est, EBOS revenue on track to exceed $100Mm for year.
• Shell (SHEL) said it had agreed to sell its BG Cyprus unit to Hungarian oil and gas firm MOL Group for up to $720M; BG Cyprus' 35% non-operated interest in a Cyprus Offshore block, home to the Aphrodite gas field in the eastern Mediterranean, will be controlled by MOL upon the expected 2027 completion of the deal.

• MicroStrategy (MSTR) Q2 EPS loss (-424.45) vs. est. $3.07 as results were dominated by an $8.3B unrealized bitcoin loss, overshadowing a modest revenue beat. Management also highlighted efforts to support and stabilize its STRC preferred shares; Q2 revs $122.3M vs. est. $124.48M.
• Reddit (RDDT) shares fall; Q2 EPS $1.25 vs est $0.95; revenue $805Mm vs est $730.4Mm, +38.2% YoY; advertising revenue $762Mm; U.S. revenue $638.1Mm; gross margin 91.3%; adj EBITDA $343Mm vs est $297.2Mm; free cash flow $261Mm; daily active uniques +18% YoY to 130.3Mm; Q3 revenue guide $860Mm to $870Mm vs est $829.1Mm and adj EBITDA guide $385Mm to $395Mm vs est $368.95Mm.

• Guardant Health (GH) Q2 adj EPS ($0.42) vs est ($0.41), adj EBITDA ($55.9)Mm vs est ($50.28)Mm on revs $335Mm vs est $314.23Mm; guides FY revs $1.34-1.36B vs est $1.314B.
• Illumina Corp. (ILMN) Q2 adj EPS $1.31 vs. est. $1.23; Q2 revs $1.16B vs. est. $1.13B; raises FY26 adjusted EPS view to $5.30-$5.40 from $5.15-$5.30 (est. $5.23) and boosts FY26 rev view to $4.6B-$4.64B from $4.52B-$4.62B (est. $4.57B); ROW organic revenue growth greater than 5%, vs. prior guidance of 2%-4%.
• Karyopharm (KPTI) shares plunge -60% after saying it plans to file an sNDA with the FDA in August 2026 for selinexor with ruxolitinib in myelofibrosis; application targets accelerated approval using SVR35 as a surrogate endpoint; the company will seek Priority Review. If Priority Review is granted, the PDUFA action date would be about six months from FDA receipt.
• Myriad Genetics (MYGN) shares fall; Q2 EPS loss (-$0.25) vs. est. loss (-$0.06); Q2 revs fell -11% y/y to $190.7M below consensus $206.03M; Q2 Gross margin dropped 4.6% to 66.6%; operating loss narrowed to $38.9< Q2 test volumes slipped 1% to 379,000; average revenue per test fell 9%, partly reflecting an $11M revenue reduction tied to cash-collection estimates; cuts FY26 revs to $770M-$790M from $860M-$880M
• Stryker Corp. (SYK) Q2 adj EPS $3.69 vs. est. $3.49; Q2 revs $6.59B vs. est. $6.58B; sees FY26 adjusted EPS $14.95-$15.10, vs. consensus $14.97 and says foreign exchange is expected to have a slightly favorable impact on both sales and adjusted net earnings per diluted share should rates hold near current levels.
• Tempus AI (TEM) Q2 adj EPS loss (-$0.04) vs. est. loss (-$0.14); Q2 revs $382.5M vs. est. $379.7M; Q2 operating loss -$75.9M; guides FY revs $1.595B-$1.605B vs. est. $1.59B and backs FY26 adjusted EBITDA view roughly $65M after Q2 adj Ebitda $8.04M.
• Veracyte Inc. (VCYT) Q2 Adj EPS $0.54 vs est $0.43, revenue $150.3Mm vs est $144.6Mm, +15% YoY revenue, gross margin 72%, adj operating expenses $70Mm, FY26 revenue guide raised to $590Mm to $596Mm vs $586.4Mm est.

• Eastman Chemical (EMN) Q2 adj EPS $1.97 vs. est. $1.82; Q2 revs $2.51B vs. est. $2.4B; Sales revenue increased 15 percent sequentially driven by strong volume growth across the company and disciplined price-cost management in our specialty businesses; expect Q3 EBIT to be higher driven by improved price-cost and improved asset utilization and sees Q3 EPS around $1.97 (est. $1.89).
• Eaton Corporation (ETN) Q2 adj Net Income $1.228B vs. est. $1.195B; Q2 adj EPS $3.15 vs. est. $3.07; Q2 sales $8.531B vs. est. $8.133B and Q2 organic growth 14%; raises FY26 adjusted EPS view to $13.40-$13.60 from $13.05-$13.50 (est. $13.35); sees Fy organic growth of 11%-13%; Segment margins of 24.1%-24.5%; sees Q3 organic rev. +13.5% to +15.5%, vs. est. +10.6%.
• Hunstman Corp. (HUN) Q2 adj EPS $0.00 vs. est. $0.06 and revs beat at $1.66B vs. est. $1.61B; Q2 adjusted net income was flat vs. year ago loss citing higher volumes and pricing, but notes energy cost headwinds, especially in Europe; sees FY capex $170M; said increased sales volumes and higher average selling prices across all segments drove revenue growth.
• Ingersoll Rand (IR) Q2 adj EPS $0.86 vs est $0.83, adj EBITDA $520Mm vs est $517.16Mm on revs $2.049B vs est $1.959B; guides FY revs +4.5-6.5% vs est +3.79%, see adj EPS near high end of range.
• LyondellBasell (LYB) Q2 adj EPS $4.3 vs. est. $3.41; Q2 sales and other operating revs $9.177B; says outlook could temporarily impact normal buying patterns; do not anticipate material demand deterioration in our key end markets; company's capital allocation priorities remain unchanged.
• MasTec (MTZ) Q2 adj EPS $2.22 vs. on revs +23% y/y to $4.37B  vs. est. $4.3B; Q2 adj EBITDA rose 40% y/y to $384M and 18-month backlog: $21.4B (+30% YoY), a record; guides FY outlook for adj EPS of $9.30 above consensus of $9.14 and sees revs at $18.2B; said Clean Energy & Infrastructure backlog surged 58% YoY, driving overall backlog growth.
• Olin Corp.(OLN) Q2 EPS ($0.12) vs est ($0.10), revenue $1.742B vs est $1.807B, adj EBITDA $191.3Mm vs est $184.8Mm, Q3 adj EBITDA guide $160Mm to $200Mm vs est $226.19Mm.

• AXT (AXTI) Q2 adj EPS $0.19 vs. est. $0.07; Q2 sales $47.58M vs. est. $34.08M; Q2 GAAP gross margin widened to 44.9% from 29.6% in Q1 citing strong demand for data-center optical connectivity; Q2 marked the company’s highest indium phosphide revenue on record.
• Cohu Inc. (COHU) Q2 Adj EPS $0.26 vs est $0.14, revenue $149Mm vs est $144.1Mm, adj gross margin 46.5%, FY26 Ai-driven compute opportunity pipeline ~ $850Mm, Q3 sales guide $170M +/- $7M vs est $146.3M.
• Go Daddy (GDDY) Q2 EPS $1.83 vs est $1.70; revenue $1.298B vs est $1.295B; Q3 sales guide $1.315B to $1.335B vs est $1.326B; FY26 sales guide narrowed to $5.215B to $5.255B from $5.195B to $5.275B, vs $5.242B est.
• Monolithic Power Systems (MPWR) Q2 adj EPS $6.50 vs est $5.87, adj EBIT $303.9Mm vs est $325.73Mm on revs $980.6Mm vs est $902.5Mm, adj gr mgn 55.6%; guides Q3 revs $1.14-1.16B vs est $981.88B; announces additional $500M stock repurchase authorization.
• Roblox (RBLX) Q2 EPS ($0.26) vs est ($0.34) on revs $1.5B vs est $1.557B, bookings $1.6B; guides Q3 FDF ($60)Mm to $5Mm); sees Q3 revenue $1.41B-$1.49B, vs. consensus $1.86B; sees Q3 bookings decline of 14%-18% y/y; sees sequential increase in DAUs in Q3 but sees monetization softness observed in Q2 persisting.
• SPX Technology (SPXC) Q2 Adj EPS $2.02 vs est $1.85, revenue $679Mm vs est $640.1Mm, adj EBITDA $151.8Mm vs est $147.99Mm; FY26 adj EPS guide raised to $8.20 to $8.60 vs $8.04 est, FY26 revenue guide raised to $2.705B to $2.765B vs $2.614B est.

Mid-Morning Look

Friday, July 31, 2026

It looked like it was going to be a strong day for US equities, with Nasdaq futures up over 1% in the overnight session thanks to positive earnings/cloud numbers from Amazon (AMZN +13%) and most sectors opening strongly, but as Treasury yields spiked back to 18 month highs, inflation fears renewed and erased all of the overnight gains. The 10-yr yield rose over 6bps to 4.738%, its highest since January 2025 while the long dated 30-yr yield rose 5.5bps to 5.26%, its highest since 2007. Several drivers of higher rates on the long end include: 1) Persistent inflationary pressures continue to keep real rates elevated, 2) expanding fiscal deficits and the associated rise in gov’t borrowing needs have increased the supply of longer-dated debt and 3) heavy bond issuance by major technology hyperscalers for data centers/AI infrastructure has added further competition for capital. The rising inflation/rate fears are having a broad impact thus far. Weaker Apple (AAPL) service and China numbers dragged the Dow component lower. Early on, nine of eleven S&P sectors are in negative territory led by biggest declines in materials (XLB -2%) while consumer discretionary (XLY +2.6%) the notable standout thanks in part to Amazon impact. Tech and Energy also early decliners. Oil prices rise, gold/silver fall with Bitcoin.

• Chicago PMI rose to 57.6 in July from 56.7 in June, beating the 55.0 consensus, while the Chicago Business Barometer, remained in expansionary territory for the third straight month but has cooled from its level of 62.7 in May.
• University of Michigan surveys of consumers 1-year inflation outlook final July 4.2% vs prelim 4.2% and final June 4.6% and 5-year inflation outlook final July 3.3% vs prelim 3.3% and final June 3.3%
• University of Michigan surveys of consumers sentiment final July 55.2 (consensus 54.0) vs preliminary July 54.4 and final June 49.5; current conditions index final July 54.8 vs prelim July 54.9 and final June 47.7 and expectations index final July 55.4 vs prelim July 54.0 and final June 50.7.

• E&C sector: after the sector surged Thursday behind better results from PWR and EME the group pressured early as MTZ shares slide after reported in-line Q2, rev. & EBITDA were in line (Comms margins were lower, offset by Pipelines) and provided 26E revised revenue, +$700M for '26 (lower than $800M-$900M contribution from Superior) while lowered Comms by $375M (~20% for 2H) on timing delays. MYRG reported a strong quarter on revenue and C&I margins. Backlog growth was led by two large transmission project bookings (total in excess of $200M), which should start burring in 2H27. PWR was upgraded to Outperform with $800 tgt at Guggenheim after results this week.
• Chemicals: CTVA reported slightly softer than expected sales but a solid bottom line, coming in above our estimate. The company raised guidance by 2.5% at the midpoint, showing strength in the space vs peers; EMN Q2 adj EPS $1.97 vs. est. $1.82; Q2 revs $2.51B vs. est. $2.4B; Sales revenue increased 15 percent sequentially driven by strong volume growth across the company and disciplined price-cost management in our specialty businesses; expect Q3 EBIT to be higher; HUN Q2 EPS miss but revs beat while Q2 adjusted net income was flat vs. year ago loss citing higher volumes and pricing, but notes energy cost headwinds, especially in Europe; LYB Q2 adj EPS $4.3 vs. est. $3.41; Q2 sales and other operating revs $9.177B; says outlook could temporarily impact normal buying patterns; OLN reports miss and lower Ebitda guide as Q2 EPS loss ($0.12) vs est ($0.10), revenue $1.742B vs est $1.807B, adj EBITDA $191.3Mm vs est $184.8Mm, Q3 adj EBITDA guide $160Mm to $200Mm vs est $226.19Mm.

• AXTI +23%; shares surged after reported Q2 results that topped expectations, with revenue soaring 160% y/y and gross margin expanding to 44.9% from 8% y/y as highlighted record indium phosphide revenue, driven by strong demand for data center optical connectivity and AI infrastructure
• COHU +5%; reported a beat and raise quarter amid high performance compute demand; revenue of $149.0M (+19.1% QoQ), driven by Systems (+41% QoQ), with non-GAAP gross margin of 45.5% (ahead of guidance of ~44%, but -100bps QoQ) was lower on higher Systems as a % of sales.
• DXCM +11%; shares jumped after delivered a solid Q2 beat and raise as new patients globally were in line with the Q1 record, with sequential U.S. improvement; raised its 2026 revenue guide (up 11-13% y/y), and its margin outlook by 50bps at the midpoint (Adj. EBITDA 31.5-32.0%).
• ETN +3%; posted record sales, strong organic growth, and raised guidance which highlight robust Q2 performance; raises FY26 adjusted EPS view to $13.40-$13.60 from $13.05-$13.50 (est. $13.35); sees Fy organic growth of 11%-13% while sees Q3 organic rev. +13.5% to +15.5%, vs. est. +10.6%.
• MPWR +9%; Q2 sales of $980.6M (+21.9% q/q) coming in +9.0% higher than consensus $902.0M, driven by sequential growth across all six end markets; Upside was mostly driven by ED, which grew over 160% y/y, while strong growth was also seen in Comms (+78% y/y) and increased its ED growth outlook.
• REPL +74%; after the FDA's panel of outside advisers voted to back results from a trial studying the company's drug. REPL seeks accelerated approval for RP1 in combination with BMY's Opdivo in advanced melanoma in patients whose tumors grew despite prior treatment, with a decision expected by August 2

• ALHC -18%; shares declined as Q2 results were good, with a sizable EBITDA beat (+$10M) driven by upside to membership and a lower MLR (~50 bps better) but raised 2026 EBITDA (+$4M at MP), less than the beat, reflecting clinical and operational investments in 2H.
• COIN -13%; shares fell as Q2 revs decline -14% to $1.22B and reported a Q2 loss of -$359.5M or (-$1.36) vs. a profit of $1.43B or $5.14 y/y marking a third straight quarterly loss, hurt by lower transaction revenue as transaction revenue drops 21% y/y to $599M from $764M a year earlier.
• KPTI -60%; after topline results from phase 3 trial; says plans to file an sNDA with the FDA in August 2026 for selinexor with ruxolitinib in myelofibrosis; application targets accelerated approval using SVR35 as a surrogate endpoint; the company will seek Priority Review.
• MTZ -17%; shares slide after reported in-line Q2, rev. & EBITDA were in line (Comms margins were lower, offset by Pipelines) and provided 26E revised revenue, +$700M for '26 (lower than $800M-$900M contribution from Superior) while lowered Comms by $375M (~20% for 2H) on timing delays.
• MYGN -38%; shares tumble after Q2 EPS loss (-$0.25) vs. est. loss (-$0.06); Q2 revs fell -11% y/y to $190.7M below consensus $206.03M; Q2 Gross margin dropped 4.6% to 66.6%; operating loss narrowed to $38.9< Q2 test volumes slipped 1% to 379,000; cuts FY26 revs to $770M-$790M from $860M-$880M.
• NVO -10%; shares fell after saying a trial in cardiovascular drug ziltivekimab failed to provide major reduction risks. While ziltivekimab demonstrated target engagement and inhibition of the IL-6 pathway... this did not translate into major adverse cardiovascular events risk reduction versus placebo.
• RBLX -21%; after results and Q3 guidance that was substantially below expectations; management also withdrew annual guidance; was downgraded by several firms on Wall Street as believes the platform may be entering lifecycle decline as weakness broadens from new-user acquisition in Q1 to monetization in Q2; note Q3 guidance was 12.5% below expectations at the midpoint.
• RDDT -17%; shares fall despite beat and raise quarter (EPS $1.25 vs est $0.95/revenue $805Mm vs est $730.4Mm, +38.2% YoY) and Q3 revs better $860Mm-$870Mm vs est $829.1Mm but slight US DAU q/q decline and comments on search referral volatility are likely elevating fears around Google
• SYK -6%; shares fell as reported Q2 results that beat expectations on the top- and bottom lines while mgmt tightened its revenue guidance range for the year vs. raising numbers pressuring shares.

Closing Recap

Friday, July 31, 2026

US equity futures built on yesterday’s momentum with modest overnight gains, led by the Nasdaq, but the gains were short-lived as sellers emerged to send us back into the red early.  At least earnings have broadly held up thus far.  With 285 S&P names having reported thus far, 87% have beaten expectations with an average beat of 14%.  Average year/year EPS growth of 22% compares favorably with last year’s 11%, while median growth of 13% also beats last year’s 8%.  From a sector perspective, all S&P 500 healthcare names thus far have a 100% beat rate, while technology, financials and industrials also have at least a 90% beat rate thus far.  Utilities and communication services are at the bottom right now with beat rates of 67% and 70%, respectively.  While stocks petered out on the open, falling notably to erase the overnight gains, investors stepped in around 10:30 am this morning, and didn’t  looked back as the S&P 500 (SPX) moved above the 7,500 level (off morning lows 7,399.83) and the Nasdaq outperformed rising over 1%, helped by strength in Amazon (AMZN), rising 15% on results, along with semis, software, and Ai plays. Consumer Discretionary (XLY) rose over 3% (thanks to AMZN), along with gains in Industrials (XLI) and Communications (XLC) while Materials (AXLB) fell -2% and defensive sectors were down modestly. For the month the S&P 500 fell 0.13%, the Nasdaq declined 3.2%, and the Dow climbed 0.32%. for the month the S&P 500 fell 0.13%, the Nasdaq declined 3.2%, and the Dow climbed 0.32%.

In sentiment today, the Fear and Greed Index registered just 39/100 (Fear) versus last week’s 41 (Fear), but up from last month’s 29 (Fear).  A year ago we were at 63 (Greed).  By mid/late morning, large cap indices had briefly recovered back to small gains with breadth favoring decliners by 5:3 as small caps underperformed with IWM (-0.81%) versus SPY (+0.05%) and QQQ (+0.23%).  SPY breadth favored decliners by 8:5, while QQQ breadth favored decliners by 7:6.  Sector performance was muted with just 3 of 11 S&P sector ETFs in the green.  Consumer Discretionary (+2.88%), Communications (+0.87%) and Industrials (+0.47%) were outperformers, while Technology (-0.76%), Health Care (-1.18%) and Materials (-2.21%) paced the underperformers.

Week ahead outlook: Next week will be a focus on earnings again (AMD, SPCX, SKHY) as well as key jobs data with the July employment report (along with ADP private payrolls and JOLTs), flash PMIs from major global economies, and developments in the Iran war. Traders will also be on watch for potential FX intervention, following suspected action by Japan and South Korea in recent days.  Non-farm payrolls are forecast to rise by 91,000, while the unemployment rate is expected to edge up to 4.3%. Japan has a light calendar with final July PMIs, household spending and overtime pay. The Bank of Japan publishes its June meeting minutes on Wednesday. China's busy week features the private-sector July manufacturing PMI, services PMI on Wednesday, trade on Friday.

• Chicago PMI rose to 57.6 in July from 56.7 in June, beating the 55.0 consensus, while the Chicago Business Barometer, remained in expansionary territory for the third straight month but has cooled from its level of 62.7 in May.
• University of Michigan surveys of consumers 1-year inflation outlook final July 4.2% vs prelim 4.2% and final June 4.6% and 5-year inflation outlook final July 3.3% vs prelim 3.3% and final June 3.3%
• University of Michigan surveys of consumers sentiment final July 55.2 (consensus 54.0) vs preliminary July 54.4 and final June 49.5; current conditions index final July 54.8 vs prelim July 54.9 and final June 47.7 and expectations index final July 55.4 vs prelim July 54.0 and final June 50.7.

• U.S. WTI crude oil futures settle at $84.67/bbl, up $1.08, or 1.29% while Brent crude gained $1.09 or 1.22% to settle at $90.12 per barrel. WTI crude gained overnight with persistent uncertainty around the Iran war and the Strait of Hormuz. IRGC noted overnight the strait is closed and requires permits from Iran, but the situation remains quite fluid.

• The dollar was little changed on the day, but fell on the week, mostly against the Japanese yen which rose off 40-year lows around 164, hitting lows of 158 yesterday after news of Japanese intervention on the currency. WSJ reports the U.S. Treasury has informed banks it might make trades to beef up the yen. The dollar index (DXY) ended below the 100 level.

• Building products sector: FND Results came in about as expected with an unchanged guide except an EPS lift on share repurchase. Management commented on sequential progress in comps with two regions showing positive comps in the quarter.
• Auto parts suppliers: MGA posts Q2 adjusted EPS of $1.86 versus estimates of $1.50 on sales of $11.00B against the $10.69B consensus and guides full-year sales to $41.3–$42.5B with adjusted EPS of $6.70–$7.30; LEA Q2 adjusted EPS of $4.28, topping the $3.96 estimate, on revenue of $6.21B versus the $6.10B consensus, and sets full-year sales guidance of $23.54–$24.01B with adjusted EBIT of $1.08–$1.20B

• Utility sector: AEE posted results modestly ahead of expectations and reaffirmed FY26 guidance of $5.25–$5.45 (midpoint $5.35) while maintained its LT 6-8% EPS growth rate, which does not reflect the current levels of ESAs. EIX downgraded to EW from Overweight at Barclays after strong performance this year.
• Solar sector: FSLR delivered Q2 results above expectations on a net IEEPA tariff benefit, higher 45X-eligible U.S. mix, and lower Logistics costs, and reaffirmed FY26 guidance, while Q2 sales $1.056B misses $1.062B est. and down from $1.1B y/y primarily due to lower revenue following customer contract terminations. NXT reported record FQ127 results with adj. EBITDA and EPS well ahead of the Street, raised the low end of FY27 guidance, and grew backlog to a record >$5.5B on well over $1B of bookings (upgraded at BMO).

• Financial Services: RDDT shares fall despite beat and raise quarter (EPS $1.25 vs est $0.95/revenue $805Mm vs est $730.4Mm, +38.2% YoY) and Q3 revs better $860Mm-$870Mm vs est $829.1Mm but slight US DAU q/q decline and comments on search referral volatility are likely elevating fears around Google

• BRX quarterly results were largely in line, supported by strong visibility into above-sector SSNOI and FFO growth through 2027.
• CPT reported a 2Q26 beat and mgmt. affirmed ‘26 cFFO guidance. Lease rate growth improved since 1Q26 and occupancy ramped to the high-95% range in late June, potentially proving better pricing power heading into July. CPT decreased ’26 SSRev. growth guidance by 25bps to reflect the sale of the CA portfolio but was affirmed on a comparable basis and SSNOI growth guidance increased 30bps due to lower expenses.
• CUBE reported a 2Q FFO miss (-$0.01), though results were consistent with management's quarterly guidance and accompanied by a $0.01 (+0.4%) increase to the midpoint of FY26 guidance. SSREV growth accelerating to +0.8% (from 0.6%) and SSNOI growth improving to -0.7% (from -1.5%).
• CUZ reported 2Q26 FFO that beat cons. (+$0.01), and mgmt. raised FY26 FFO guidance by 0.3% to $2.92-$2.98 (+3.9% y/y) but is in line with cons. During 2Q26, fundamentals were strong, including cash SSNOI (+5.9%), rent spreads (+9.2%), and leasing activity remained elevated at 924ksf.
• DRH reported a big 1Q26 Adj. EBITDA/FFO beat of 16%/19%, or 11% after excluding the benefit from a ~$7M tax appeal. Management increased Adj. EBITDA/FFO guidance by 6%/7%, which mostly reflects better 2Q results and a modest uptick in the 2H outlook.
• GLPI reported 2Q26 AFFO of $1.03, a $0.01 beat vs. consensus (in line with KBCM), and raised FY26 AFFO guidance by lifting the low end of the range by $0.02/sh. Improved visibility into the Company's development funding pipeline appears to be the primary driver, with ~$410M funded in 2Q and $400M-$450M expected to be funded in 2H26.
• HR 2Q26 FFO beat consensus, and management increased ’26 NFFO guidance by ~1%, in line with consensus. Posted a sequential increase in new leasing and occupancy, strong retention and highest cash leasing spreads in recent years. Cash SSNOI growth decelerated to 5.1%.

• AZN said that the European Commission has approved its antibody-drug conjugate Datroway, developed with Daiichi Sankyo (DSNKY), for a second breast cancer indication in the region.
• KPTI shares plunge -60% after topline results from phase 3 trial; says plans to file an sNDA with the FDA in August 2026 for selinexor with ruxolitinib in myelofibrosis; application targets accelerated approval using SVR35 as a surrogate endpoint; the company will seek Priority Review. If Priority Review is granted, the PDUFA action date would be about six months from FDA receipt.
• MRNA Q2 revs $100M misses the $103M estimate, hit by weaker-than-expected sales of its COVID-19 shot, ahead of an upcoming regulatory decision for its experimental flu vaccine; said MRNA-1403 did not meet statistical criteria for early success at phase 3 interim analysis, preparing to enroll additional cohort; said expects about 55% of its second half 2026 revenue to be recognized in the third quarter.
• MYGN shares tumble after Q2 EPS loss (-$0.25) vs. est. loss (-$0.06); Q2 revs fell -11% y/y to $190.7M below consensus $206.03M; Q2 Gross margin dropped 4.6% to 66.6%; operating loss narrowed to $38.9< Q2 test volumes slipped 1% to 379,000; cuts FY26 revs to $770M-$790M from $860M-$880M.
• NVO shares fell after saying a trial in cardiovascular drug ziltivekimab failed to provide major reduction risks. While ziltivekimab demonstrated target engagement and inhibition of the IL-6 pathway... this did not translate into major adverse cardiovascular events risk reduction versus placebo.
• REPL shares surge after the FDA's panel of outside advisers voted to back results from a trial studying the company's drug. REPL seeks accelerated approval for RP1 in combination with BMY's Opdivo in advanced melanoma in patients whose tumors grew despite prior treatment, with a decision expected by August 2

• Ortho sector: SYK shares fell as reported Q2 results that beat expectations on the top- and bottom lines while mgmt tightened its revenue guidance range for the year vs. raising numbers pressuring shares.
• Insulin sector: DXCM shares jumped after delivered a solid Q2 beat and raise as new patients globally were in line with the Q1 record, with sequential U.S. improvement; raised its 2026 revenue guide (up 11-13% y/y), and its margin outlook by 50bps at the midpoint (Adj. EBITDA 31.5-32.0%).
• Medical Equipment & Tech: ILMN Q2 Revs $1.159B (vs. $1.13B cons), with 8.1% ROW Organic rev Growth, 6.5% Organic; raise guidance now expecting ROW Organic Rev growth greater than 5% (vs. 2% to 4% prior), raising EPS Guide; clinical Consumables grew 15% in the quarter (relative to 20% the prior two quarters). ITGR shares spiked late day after the WSJ reported KKR is near a deal to take the company private, at roughly $127 per share, the people said. https://tinyurl.com/ra9r2nts
• Meical Equipment and Supplies: GH reported 2Q revenue of $335mn compared consensus of $314mn. Screening revenue/volume was $53mn/66k compared to Consensus of $43mn/54k. 2Q non-GAAP EPS was ($0.42) compared consensus of ($0.39).

• Industrial & Power: ETN shares rally behind better results and strong guidance; Q2 adj EPS $3.15 vs. est. $3.07; Q2 sales $8.531B vs. est. $8.133B and Q2 organic growth 14%; raises FY26 adjusted EPS view to $13.40-$13.60 from $13.05-$13.50 (est. $13.35); sees Fy organic growth of 11%-13% while sees Q3 organic rev. +13.5% to +15.5%, vs. est. +10.6%.
• Transport sector: SAIA was upgraded from Hold to Buy while lower PT from $450 to $438 at Stifel saying the co’s headline Q2 adj EPS of $3.51 beat the Street's $3.38 estimates and notes noise in reported KPIs, given mix changes, network changes, and pricing strategy changes were the wrong focus.

• Paper & Packaging: IP was upgraded to Buy from Hold at Deutsche Bank saying while they have long viewed management's transformation efforts favorably, prior Hold rating reflected uncertainty around execution, demand, and whether the containerboard pricing environment could improve meaningfully. Following 1Q26 and 2Q26 results, we believe the risk/reward has shifted in investors' favor.

• Hardware sector: AAPL shares declined despite the iPhone maker posting a Q3 beat on revenue and earnings, as weaker-than-expected Services and Greater China revenue overshadowed strong iPhone and Mac sales; revenue rose 16% to $109.4B, with iPhone and Mac sales topping estimates, but Services revenue of $30.7B and Greater China revenue of $18.8B both missed expectations.
• Gaming Software: RBLX shares tumbled after results and Q3 guidance that was substantially below expectations; management also withdrew annual guidance; was downgraded by several firms on Wall Street as believes the platform may be entering lifecycle decline as weakness broadens from new-user acquisition in Q1 to monetization in Q2; note Q3 guidance was 12.5% below expectations at the midpoint.

• AXTI shares surged after reported Q2 results that topped expectations, with revenue soaring 160% y/y and gross margin expanding to 44.9% from 8% y/y as highlighted record indium phosphide revenue, driven by strong demand for data center optical connectivity and AI infrastructure, and said ongoing investments in capacity and its integrated supply chain position it to meet growing customer demand.
• MPWR reported strong 2Q results and 3Q guidance, which were well above expectations; Q2 sales of $980.6M (+21.9% q/q) coming in +9.0% higher than consensus $902.0M, driven by sequential growth across all six end markets, led by Enterprise Data and Communications. Upside was mostly driven by ED, which grew over 160% y/y, while strong growth was also seen in Comms (+78% y/y) and increased its ED growth outlook in '26 to +130% from +85% prior.
• COHU reported a beat and raise quarter amid high performance compute demand; revenue of $149.0M (+19.1% QoQ), driven by Systems (+41% QoQ), with non-GAAP gross margin of 45.5% (ahead of guidance of ~44%, but -100bps QoQ) was lower on higher Systems as a % of sales.

Street Recommendations

Friday, July 31, 2026

• AMZN Barclays analyst Ross Sandler raised the firm's price target on Amazon.com to $365 from $330 and keeps an Overweight rating on the shares following the Q2 report. The company showed enough evidence in growth, margin and return on invested capital over the past few quarters that place Web Services "atop the AI hyperscaler pedestal," the analyst tells investors in a research note. Barclays sees few names offering a better risk/reward than Amazon right now.
• AAPL Barclays lowered the firm's price target on Apple to $245 from $253 and keeps an Underweight rating on the shares. The firm views Apple's June quarter results as mixed, with China and services weakness offset by Mac strength and in-line iPhones. The September quarter revenue guidance of 9%-11% is a "bit light," which the company attributed to supply constraints and currency, the analyst tells investors in a research note. Barclays sees the outlook as a negative for Apple shares.
• COIN Barclays lowered the firm's price target on Coinbase to $95 from $99 and keeps an Underweight rating on the shares post the Q2 report. The trend seen last quarter is continuing with Coinbase's revenue and adjusted EBITDA missing estimates meaningfully, and the Q3 outlook implying estimates need to come down meaningfully, the analyst tells investors in a research note.
• RYAN Barclays analyst Alex Scott raised the firm's price target on Ryan Specialty to $48 from $46 and keeps an Overweight rating on the shares. The company beat Q2 organic growth and adjusted earnings estimates, but its reiterated mid-single-digit growth outlook suggests deceleration in the second half of 2026, the analyst tells investors in a research note.
• SAIA Barclays lowered the firm's price target on Saia to $475 from $500 and keeps an Overweight rating on the shares post the Q2 report. The shares sold off with Q3 margin guidance coming in below expectations, but there is optimism for full-year operating ratio improvement, the analyst tells investors in a research note.
• ZWS Barclays raised the firm's price target on Zurn Elkay Water to $61 from $59 and keeps an Overweight rating on the shares post the Q2 report. The company's organic growth beat expectations, margins expanded beyond guidance, and its fiscal 2026 EBITDA guidance moved higher, the analyst tells investors in a research note. Barclays believes Zurn is executing on both its near-term growth initiatives and longer-term strategic priorities.
• RBLX Barclays analyst Ross Sandler lowered the firm's price target on Roblox to $47 from $60 and keeps an Equal Weight rating on the shares. The company reported Q2 bookings 3% below consensus and guided Q3 below estimates, the analyst tells investors in a research note. The firm says tough compares, changes to the algorithm towards higher 28-day retention titles, and the affects of age verification are flipping Roblox's bookings growth negative in the second half of 2026. Barclays believes the stock are likely to remain range-bound.

• AMZN BofA raised the firm's price target on Amazon.com to $320 from $310 and keeps a Buy rating on the shares after a "strong" quarter highlighted by "big AWS acceleration." Amazon's AI positioning has improved significantly in the past 12 months, says the analyst, who sees the company building an asset base that will have high returns and being well positioned to further benefit from the upcoming inference wave driven by agentic AI.

• UPBD BTIG analyst Vincent Caintic downgraded Upbound Group to Neutral from Buy with no price target. The firm's estimates remain largely unchanged, but its certainty on those estimates over the next 12 months has decreased, the analyst tells investors. The firm's downgrade is primarily due to uncertainty over GMV growth, which has missed the firm's estimates "with some frequency since 2025," the analyst tells investors.

• DUOT Cantor Fitzgerald initiated coverage of Duos Technologies with an Overweight rating and $26 price target. Duos Technologies is an "under-the-radar" AI infrastructure play that services a unique part of the AI training and inferencing market, the analyst tells investors in a research note. Duos's strategy can scale quickly, is highly profitable, and is targeting a segment of the market that many peers are ignoring, the firm argues.
• AMZN Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm's price target on Amazon.com to $320 from $330 and keeps an Overweight rating on the shares. Amazon delivered a strong Q2, with AWS growth accelerating as enterprise AI adoption expands and providing further runway for continued cloud momentum, the analyst tells investors in a research note.

• AMZN Citi analyst Ronald Josey raised the firm's price target on Amazon.com to $350 from $325 and keeps a Buy rating on the shares. The firm is "incrementally positive" on the shares post the Q2 report. Amazon Web Services is seeing "booming" demand on AI demand and margins are rising, the analyst tells investors in a research note. Citi says Amazon remains a top pick.
• AGIO Citi raised the firm's price target on Agios Pharmaceuticals to $52 from $46 and keeps a Buy rating on the shares. The firm views the Q2 report as strong on thalassemia launch momentum.
• XRX Citi analyst Asiya Merchant raised the firm's price target on Xerox to $3.45 from $2.50 and keeps a Neutral rating on the shares. The firm upped the target to reflect to June quarter earnings beat but sees execution risk in the second half of 2026.
• COIN Citi lowered the firm's price target on Coinbase to $210 from $235 and keeps a Buy rating on the shares. The firm views the company's Q2 report as mixed with revenue and EBITDA missing estimates on softer crypto markets. Citi reduced Coinbase's estimates citing continued crypto weakness.

• RBLX Deutsche Bank analyst Benjamin Black downgraded Roblox to Hold from Buy with a price target of $38, down from $56. The company reported a "disappointing" Q3 outlook which "materially reduces" its near-term visibility, the analyst tells investors in a research note. The firm believes the earnings print reinforces that Roblox's platform transition will take time to drive financial outperformance. Deutsche sees increased execution risk for Roblox and believes the competitive backdrop is "becoming more demanding." BMO Capital also downgraded the shares this morning. The stock in premarket trading is down 18%, or $8.77, to $39.90.

• COIN Goldman Sachs lowered the firm's price target on Coinbase to $173 from $198 and keeps a Buy rating on the shares. Coinbase reported weaker-than-expected Q2 earnings amid a challenging crypto environment, but its scale, expanding product opportunities, and disciplined cost structure continue to support the long-term investment case, the analyst tells investors in a research note.
• DLO Goldman Sachs analyst Tito Labarta raised the firm's price target on DLocal to $19 from $17 and keeps a Buy rating on the shares. TPV growth is expected to accelerate, supporting upside potential despite modest take-rate pressure, while improving operating leverage and easing investment intensity should drive margin recovery through 2H26, the analyst tells investors in a research note.
• AMZN Goldman Sachs raised the firm's price target on Amazon.com to $375 from $335 and keeps a Buy rating on the shares. The Q2 results reinforced strong AI and AWS momentum, with accelerating cloud growth, expanding AI opportunities, robust Prime consumer trends, and advertising strength supporting confidence in long-term returns on investment, the analyst tells investors in a research note.
• CROX Goldman Sachs raised the firm's price target on Crocs to $95 from $86 and keeps a Sell rating on the shares. The company delivered improving underlying momentum with strong DTC performance and better wholesale trends, though North America softness and business model transition uncertainty temper confidence in sustained growth acceleration, the analyst tells investors in a research note.

• NBIX Guggenheim raised the firm's price target on Neurocrine to $222 from $200 and keeps a Buy rating on the shares. The firm continues to view Neurocrine as well-positioned for sustained growth across the Ingrezza, Crenessity, and VYKAT XR franchises, the analyst tells investors in a post-earnings note.
• ILMN Guggenheim raised the firm's price target on Illumina to $226 from $200 and keeps a Buy rating on the shares. After the company beat consensus revenue and adjusted EPS expectations in Q2, the firm expects most eyes to now turn to where this business exits in the second half of the year to position for long-term financial target achievement, the analyst tells investors.

• DTM Jefferies lowered the firm's price target on DT Midstream to $155 from $170 and keeps a Buy rating on the shares. The firm says the company's quarterly beat leaves its fiscal year guidance increasingly conservative. However, this is well understood by investors, the analyst tells investors in a research note. Jefferies sees a "very compelling" setup following the stock's recent pullback.

• AAPL JPMorgan lowered the firm's price target on Apple to $340 from $345 and keeps an Overweight rating on the shares. The firm says Apple's fiscal Q3 report reinforces its view that the current product cycle "has considerably more momentum than investors anticipated." The strength is not only in the iPhone 17 cycle but also in Mac devices, the analyst tells investors in a research note. However, JPMorgan adds the industry backdrop of supply constraints and memory cost headwinds are offsetting Apple's "positive narrative relative to demand."
• PTEN JPMorgan upgraded Patterson-UTI to Neutral from Underweight with a price target of $12, up from $10. The company reported a "strong beat and raise" Q2 with strength across the board in drilling, completions, and drilling products, the analyst tells investors in a research note. The firm says pricing benefits and the company's investments are bettering its outlook.
• LOW JPMorgan analyst Christopher Horvers lowered the firm's price target on Lowe's to $252 from $279 and keeps an Overweight rating on the shares. The firm reduced the company's Q2 same-store-sales estimate to down 1.4% from up 0.8% based on its channel work. Lowe's faced pressures on do-it-yourself spending, particularly large project work, and weather headwinds in key moments, the analyst tells investors in a research note.
• DXCM JPMorgan raised the firm's price target on DexCom to $82 from $65 and keeps a Neutral rating on the shares. The firm says the company's quarterly beat will support the shares ahead of the type 2 non-insulin reimbursement decision expected by year-end.
• TREE JPMorgan lowered the firm's price target on LendingTree to $48 from $52 and keeps an Overweight rating on the shares. The company reported mixed Q2 results and lowered its 2026 outlook, the analyst tells investors in a research note. The firm sees an attractive valuation at current share levels, saying LendingTree's insurance business remains strong.
• LKQ JPMorgan lowered the firm's price target on LKQ Corp. to $30 from $37 and keeps an Overweight rating on the shares post the Q2 report. The firm expects the stock to remain in the "penalty box" until early 2027, saying its ongoing market share recovery overshadows improvements in North America market fundamentals.

• CWH KeyBanc analyst Noah Zatzkin lowered the firm's price target on Camping World to $9 from $12 on lower estimates, while keeping an Overweight rating on the shares. The firm notes the company posted an adjusted EBITDA miss on softer revenue and lowered guidance. That said, KeyBanc was not particularly surprised by softer top line given recent RV industry retail. While the firm's sense of expectations was for a miss and lower, guidance came in lower than expected, with investors looking for a tightening toward the low end of the prior adjusted EBITDA guide range vs. the cut to $250M at the midpoint.
• LTH KeyBanc raised the firm's price target on Life Time Group to $52 from $40 and keeps an Overweight rating on the shares. The firm notes the company reported top- and bottom-line beats, raising FY26 guidance, with better sales via an increase in membership dues and in-center revenue, driven by improved membership mix, membership growth in new and ramping centers, and higher utilization of in-center offerings. In addition to a compelling core fitness offering with an expanding footprint, KeyBanc believes Life Time's broader suite of in-center revenue drivers provides long-term growth accelerators.
• MA KeyBanc raised the firm's price target on MasterCard to $680 from $670 on higher estimates, while keeping an Overweight rating on the shares. The firm is updating its model post-Q2 results. KeyBanc's second half of 2026 FXN revenue estimates continue to embed acceleration with upwardly revised growth.
• MPWR KeyBanc analyst John Vinh raised the firm's price target on Monolithic Power to $2,100 from $2,000 and keeps an Overweight rating on the shares. The firm notes the company reported strong Q2 results and Q3 guidance, which were well above expectations. Upside was mostly driven by edge-data, which grew over 160% year-over-year, while strong growth was also seen in communications given optical and networking demand from data center.
• OMCL KeyBanc lowered the firm's price target on Omnicell to $65 from $70 and keeps an Overweight rating on the shares. The firm notes Q2 saw solid results, but Omnicell reduced the low end of its FY26 product bookings guide given a longer than expected sales cycle for its new offerings. While KeyBanc doesn't expect more clarity on the timing of these bookings until it approaches Q4, the firm believes these are largely reflective of push-out in final decision-making from mid/large customers contemplating enterprise-wide upgrades.

• MA Morgan Stanley raised the firm's price target on MasterCard to $681 from $679 and keeps an Overweight rating on the shares. 2 results highlighted the strength and diversity of MasterCard's model, says the analyst, who is "encouraged by the resilience of core trends."
• RBLX Morgan Stanley lowered the firm's price target on Roblox to $55 from $62 and keeps an Overweight rating on the shares. Verifying user ages and changing its discovery system to prioritize over-18s hurt sales more than the firm expected, but engagement, a leading indicator, is returning to growth, which "suggests the flywheel is intact," the analyst tells investors. The firm reduced estimates, but stays "bullish the long term opportunity," the analyst added.
• WU Morgan Stanley lowered the firm's price target on Western Union to $6 from $7 and keeps an Underweight rating on the shares. The lowered FY26 outlook assumes improvement in Americas retail, timely Intermex closing, and solid execution across cost initiatives, says the analyst, who remains "skeptical."
• RIVN Morgan Stanley raised the firm's price target on Rivian to $14 from $13 and keeps an Underweight rating on the shares. While the firm says it expects the R2 to generate significant demand, it adds that Rivian must execute on autonomy, production ramp, and cost reductions to drive the business to sustainable profitability, noting that the company enters the "high-risk production ramp phase."

• GDYN Needham raised the firm's price target on Grid Dynamics to $10 from $8 and keeps a Buy rating on the shares. The company's Q2 results came in ahead of consensus expectations, with revenue beating the high end of guidance and AI revenue reaching a record 30.7% of total, crossing 30% for the first time, the analyst tells investors in a research note.
• DFIN Needham raised the firm's price target on Donnelley Financial Solutions to $60 from $57 and keeps a Buy rating on the shares. The company's Q2 results beat the Street on the top and bottom line, with the upside mostly coming from a rebound in capital markets activity which drove better tech services and Active Disclosure revenue, the analyst tells investors in a research note. The firm adds however that investors remain concerned about AI disruption risks across the entire business and information services group and continue to await better growth within the Venue and Arc Suite business lines.
• AX Needham analyst Kyle Peterson raised the firm's price target on Axos Financial to $128 from $110 and keeps a Buy rating on the shares. The company closed out FY26 on a strong note, beating estimates across the board due to stronger loan growth, a higher net interest margin, and lower than expected credit costs, the analyst tells investors in a research note.
• MPWR Needham analyst N. Quinn Bolton raised the firm's price target on Monolithic Power to $2,000 from $1,750 and keeps a Buy rating on the shares. The company reported a significant beat and raise led by Enterprise Data, where growth is driven by ramps at existing and new customers, increasing adoption of power modules, strength across GPUs/XPUs and CPUs, and CPU share gains, the analyst tells investors in a research note.
• COHU Needham analyst Charles Shi raised the firm's price target on Cohu to $65 from $54 and keeps a Buy rating on the shares after its Q2 earnings beat. Test cell utilization rates are rising, further driving Recurring revenue, the analyst tells investors in a research note.

• AMZN Piper Sandler analyst Thomas Champion raised the firm's price target on Amazon.com to $320 from $315 and keeps an Overweight rating on the shares. Amazon's 2Q26 results were about as clean as the firm can remember, which is especially impressive for a company of this size and complexity. AWS was the standout, accelerating to 37% year-over-year growth and driving the operating income beat.
• ALRS Piper Sandler analyst Nathan Race raised the firm's price target on Alerus Financial to $37 from $32 and keeps a Neutral rating on the shares. The firm notes the company posted another solid quarter as greater net interest margin expansion drove 9% PPNR upside. While loans were flattish, growth is expected to accelerate in the second half of 2026 given unchanged mid-single-digit guidance for 2026 and with pipelines near all-time highs. While Piper views Alerus as an attractive long-term holding given its enviable and growing fee income businesses, Twin Cities scarcity value, and among other factors, it remains on the sidelines due to shares' current deserved premium price-to-earnings.
• DXCM Piper Sandler analyst Matt O'Brien raised the firm's price target on DexCom to $95 from $88 and keeps an Overweight rating on the shares. The firm notes the company reported a strong Q2 that beat its estimates on the top and bottom lines. International was the key driver of the outperformance, though the U.S. segment also performed nicely.
• KPTI Piper Sandler analyst Edward Tenthoff lowered the firm's price target on Karyopharm to $7 from $16 and keeps an Overweight rating on the shares. The Phase III XPORT-EC-042 trial of selinexor in endometrial cancer failed to meet the primary PFS endpoint despite a trend of a 5.3-month improvement with selinexor achieving 12.75 months mPFS vs. 7.43 months on placebo. The firm is removing selinexor value in endometrial cancer.
• NBIX Piper Sandler raised the firm's price target on Neurocrine to $210 from $207 and keeps an Overweight rating on the shares. The firm notes Neurocrine reported Q2 diluted GAAP EPS of $1.39 on revenue of $959M, compared to Street estimates of $1.66 and $891.2M, respectively. Visibility into a longer-term EBITDA CAGR at least in the mid-teens is high in Piper's view, a function of a growing footprint for both Crenessity and Ingrezza and operating leverage. With that backdrop in mind, the firm thinks shares are valued attractively.
• SYK Piper Sandler analyst Matt O'Brien lowered the firm's price target on Stryker to $390 from $420 and keeps an Overweight rating on the shares. The firm notes Stryker reported Q2 results that beat expectations on the top- and bottom lines. Management did tighten its revenue guidance range for the year. While the company did beat numbers in Q2, it was not by as much as investors wanted and raises the specter that Stryker cannot reach its revenue guidance target for the year, Piper says. The firm understands this concern but has seen the Stryker organization rise to the challenge in similar circumstances before and believes they will do so again. Consequently, Piper encourages investors to take advantage of what will likely be a sizeable pullback in the name.

• AMZN UBS analyst Stephen Ju raised the firm's price target on Amazon.com to $318 from $305 and keeps a Buy rating on the shares. AWS AI momentum is accelerating, with $25B AI annual recurring revenue and $496B backlog supporting strong growth, while stable margins and operating leverage point to continued AWS profitability expansion, the analyst tells investors in a research note.
• RBLX UBS analyst Christopher Schoell lowered the firm's price target on Roblox to $45 from $49 and keeps a Neutral rating on the shares. The Q2 results were mixed with softer bookings and withdrawn guidance, but new platform initiatives and product investments support long-term health and a recovery toward growth in 2027, the analyst tells investors in a research note.
• ZG UBS lowered the firm's price target on Zillow Group to $50 from $75 and keeps a Buy rating on the shares. Zillow's near-term margin concerns have pressured shares, but the valuation and growth potential from Rentals, Mortgages, Showcase, and new initiatives support an attractive risk/reward profile, the analyst tells investors in a research note.
• COMP UBS analyst Stephen Ju raised the firm's price target on Compass to $17 from $12 and keeps a Buy rating on the shares. Compass is benefiting from stronger housing activity and solid integration execution, with realized synergies improving margin visibility and supporting further multiple expansion potential, the analyst tells investors in a research note.

• RBLX Wedbush downgraded Roblox to Neutral from Outperform with a price target of $40, down from $65. The company reported decelerating monetization, driven by the under 13 cohort, the analyst tells investors in a research note. The firm says Roblox's Q3 guidance is "disappointing" and the withdrawal of fiscal 2026 guidance "leaves visibility near zero." Wedbush can no longer justify a buy rating with the company's monetization soft while investment is rising.

• VLO Wells Fargo analyst Sam Margolin raised the firm's price target on Valero to $356 from $292 and keeps an Overweight rating on the shares. Crack spreads are at extreme highs, and the firm believes the residual effects outlast the cycle. Structurally, the global Refining industry has tightened for 18 years and margins need to price for growth, adds Wells.
• AR Wells Fargo raised the firm's price target on Antero Resources to $57 from $52 and keeps an Overweight rating on the shares. The firm notes Antero's management observed a value gap in the stock price and noted the attractiveness currently of share repurchases. Productivity in the dry gas acreage and cost reduction from HG integration support value, adds Wells.
• REGN Wells Fargo raised the firm's price target on Regeneron (REGN) to $750 from $700 and keeps an Equal Weight rating on the shares. The firm believes the company's Q2 reinforces near-term growth visibility, driven by demand-led Dupixent and Eylea HD growth. Longer term, Dupixent life cycle management, potential Sanofi (SNY) collaboration, and pipeline progress remain key to multiple expansion, adds Wells.
• FSLR Wells Fargo lowered the firm's price target on First Solar to $300 from $320 and keeps an Overweight rating on the shares. The firm highlights Q2 beat and notes full year guidance was maintained. Wells stays bullish as a Sec 232 poly decision could be imminent. First Solar's current stock price implies minimal value for Sec 232, creating attractive risk/reward, the firm adds.
• RIVN Wells Fargo raised the firm's price target on Rivian to $16 from $15 and keeps an Equal Weight rating on the shares. The firm notes Rivian was outperforming after hours on Q2 "beat & guide raise." Wells is less bullish as the guide raise was driven by reg credits. Also, full year guide implies no leverage as with adjusted EBITDA flat half-over-half on deliveries doubling. Furthermore, the firm acknowledges free cash flow burn of $2B in the first half of the year vs. expected liquidity of about $8B.
• GDDY Wells Fargo analyst Alec Brondolo lowered the firm's price target on GoDaddy to $80 from $83 and keeps an Equal Weight rating on the shares following quarterly results. A&C bookings decelerated to 7% year-over-year vs. Q1 9% as consumer preference shift towards agentic products accelerated in Q2. GoDaddy is responding by accelerating Airo AI rollout, deprioritizing legacy A&C products, but transition will likely be noisy in the second half of 2026 / 2027.
• AMZN Wells Fargo raised the firm's price target on Amazon.com to $328 from $322 and keeps an Overweight rating on the shares. The firm exits Q2 call reaffirming its views of Amazon as its top pick. AWS acceleration cleared the rising bar and margins materially exceeded expectations. Wells sees capacity growth accelerating in 2027 to accommodate a rapidly rising backlog.
• PTCT Wells Fargo raised the firm's price target on PTC Therapeutics to $106 from $93 and keeps an Overweight rating on the shares. The firm notes Sephience came in near its expectations, with growth moderating some in the U.S. Wells likes fundamentals, with low discontinuation rate and all PKU centers of excellence now prescribing drug. The firm forecasts $138M/$39M U.S./outside-U.S. in Q3 2026.
• AAPL Wells Fargo raised the firm's price target on Apple to $350 from $310 and keeps an Overweight rating on the shares. The firm notes weaker Q4 guide as component constraints and inflation impact Q4 2026 accelerate. Wells believes the key focus is on Q1 2027 gross margin, iPhone 18 pricing strategy, and Services deceleration.
• HSY Wells Fargo lowered the firm's price target on Hershey to $190 from $200 and keeps an Equal Weight rating on the shares. The firm notes the company delivered a strong beat but closed down. Wells thinks this reflects debates on the durability of revenue post this 2026 pricing cycle. The firm left 2027 EPS little changed but trimmed its target.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• 10:00 AM ET                 Construction Spending for June
• 10:00 AM ET ISM Manufacturing PMI for July

• Earnings After the Close: ADTN ADUS AEIS AESI ALG ALSN AMRC ANDE ARE BLZE BSM BWXT CBT CLPT CLX CRGY CSR CSWC CTOS DDD DORM EVER FANG GBDC GPOR HSTM ICHR INSP IRT IVT JAZZ JELD JXN MATX MED NJR OKE ON OPAD OTTR PAY PLTR POWL RAIL SBAC SBRA SIBN SITC SNAP STOK TDW TKO TTI UCTT UTL VERX VNO VNOM VOYG VRTX VVX WGS SHR WMB

• 8:30 AM ET                   International trade for June
• 8:30 AM ET                   Advance Goods trade Balance for June
• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 10:00 AM ET                 Factory Orders M/M for June
• 10:00 AM ET                 Durable Goods orders M/M for June
• 10:00 AM ET                 JOLTs Job Openings for June
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACAD AFG AGNT AMD AMGN AMWL ANET ANGI ANGX APPS ARDT ARWR ATEC BBBY BIO BKNG BL BV BXC BZFD CACC CALY CC CE CX COMP CPNG CRBG CRCT CRNX CXDO DEI DOC DVA DVN ECG EGHT EHTH EMR EQH EVTC FBIN FLYW FRSH FTK GILD GLAD GTE GXO HL HLMN HNGE IFF INTA IOSP IPAR IPI J KTOS LCID LDI LMAT LMB LRN LSCC LUMN MAC MAT MCY MOS MQ MTCH NGL OGS OPEN ORLA PARR PCRX PCTY PINS PLUS PRCT PRIM PRI PSKY QLYS RARE RBA RIGL RRR RVLV RYAM SGHC SKT SKY SPCX SU SUPN SWIM TALO TBI TDC TOST TRVG TVTX UPST USNA VOYA VSAT WK WTRG WYNN ZETA

• 8:15 AM ET ADP Private Payrolls for July
• 9:45 AM ET S&P Global Composite PMI, July-final
• 9:45 AM ET S&P Global Services PMI, July-final
• 10:00 AM ET ISM Non-Manufacturing for July
• 10:30 AM ET                 Weekly DOE Inventory Data

• Earnings After the Close: ACA ACT AGL AKA ALB ALL ALNT ALTO AMPL APLE APP ARQT ARRY ASYS ATEN ATNI ATO AWR AXON BBD BBSI BKH BLBD BMBL BROS BYND CACI CAO CAPL CDE CENTA CF CGNX CHRD CHRS CHYM CLOV CMP COKE COOK CPA CPAY CRUS CW CEN CXT CXW DASH DAVE DGII DHT DHX DIOD DLX DOX DUOL EBAY EBS EE EHC ELF EOLS ERO ETSY EXEL EXPE EZPW FIG FLNC FNF FSLY FWRD GDRX GNK GNW GOOD GRAL GT GTM HBB HCC HHH HLF HMN HNST HRTG HST HUBS III IONQ JOBY KLIC KMPR KRO KVYO LAB LB LEU LZ MCK MELI MET MFC MGNI MIRM MKSI MNKD MSI MTDR MUR MUSA MWA MYO NTR NVST NWSA O OEC ORA OUT OXY PAYC POWI PR PRI PTLO QGEN RAMP RDN RELY RGLD RIG RUN RYN SBGI SBLK SEI SITM SM SMR SNDK SOLV SRPT STE SYM TASK TLN TPC TROX TRUP TS TTMI UGI UHAL VAL VRRM WDC WES WTS XYZ ZG ZIP ZVRA

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Nonfarm productivity for Q2
• 8:30 AM ET                   Unit Labor Costs for Q2
• 10:00 AM ET                 Wholesale Inventory M/M for June
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AAOI ABNB ABX AFL AGO AHR AIG AKAM ALRM AMN AMRZ AORT APC ARDX ARLO ARW ASTH ATLC BARK BLNK BMRN CABO CARG CART CBL CLNE CLSK CON CPK CRSR CTRE CWST CYTK DBX DFLI DKNG DOCS DV ED ESE FIGS FIVN FNKO FOXF FROG G GAIN GEN GMED HALO HASI ICFI ICUI IIIV INGN INOD IRTC JHX KGS KRMN LASR LION LOCO LYFT MAIN MARA MNST MP MRVI MTW NAVI NET NTGR NTRA OM ONTO OUST PAR PGNY PK PRAA PUBM QDEL RCAT REAL RGA RGTI RHP RKT RLJ RMAX RMD ROKU RSG SERV SEZL SG SIGA SPT SSP SVV SYNA TEAM TNDM TTD TTGT TWLO TXG TXRH UE VTEX WEAV WEST WMG WPM WSC XRAY YELP

• 8:30 AM ET                   Private Payrolls for July
• 8:30 AM ET                   Manufacturing Payrolls for July
• 8:30 AM ET                   Average Hourly Earnings for July
• 1:00 PM ET                    Baker Hughes Weekly rig count data
• 3:00 PM ET                    Consumer Credit for June