Early Look

Thursday, July 23, 2026

U.S. futures are looking lower as a further spike in oil prices is boosting inflation concerns, sending Treasury yields higher across the board and pressuring interest rate hike fears ahead of next week’s FOMC meeting (ECB policy decision later this morning – no change expected). At the same time, tech sector looking mixed with Tesla and Alphabet (GOOGL) earnings pressuring shares, with both down notably overnight. Oil prices extended their gains, with Brent crude futures topping $98, after reports of attacks on tankers off the coast of Saudi Arabia and the U.S. renewed threats to escalate strikes against Iran. Brent crude futures are on course for a monthly gain of 33.7%, its third-biggest monthly jump in the past 10 years. In Ai space, GOOGL posted top and bottom line beats, but shares fell as the company raised its 2026 capex forecast to $195-$205B, citing need for more AI capacity, it previously expected to spend between $180-$190B this year. The spending on AI a boost for the AI supply chains with semis/opticals/data centers, etc. Analog semi stocks are weaker as STM and TXN shares tumble on guidance. Software getting an early bounce as NOW earnings/guidance lift shares. Defense stocks LMT and RTX looking strong early after both reported earnings. In Asian markets, The Nikkei Index advanced 307 points to 66,422, the Shanghai Index rose 9 points to 3,876, and the Hang Seng Index jumped 318 points to 25,210. In Europe, the German DAX is down -182 points to 24,972, while the FTSE 100 is down -18 points to 10,698. Overnight/morning earnings winners thus far: winners CSX, LMT, MEDP, NOW, RTX, URI and decliners GOOGL, TSLA, CYH, TXN, STM, ROL.

• The Dow Jones Industrial Average slid -6.06 points, or 0.01%, to 52,218.58
• The Nasdaq Composite dropped -146.30 points, or 0.57%, to 25,690.90
• The Russell 2000 Index declined -27.46 points, or 0.92% to 2,959.93

• 8:30 AM ET                   Continuing Claims…est. 1.807M
• 8:30 AM ET                   National Activity index for June
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET                 Kansas City Fed Manufacturing for July

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

• Las Vegas Sands (LVS) Q2 adj EPS $0.59 vs est $0.75, adj EBITDA $1.12B vs est $1.222B on revs $3.154B vs est $3.332B; Q2 net income falls -28% to $373M; said unusually low hold in rolling play in Macao negatively impacted reported results.
• Leslie Pools (LESL) shares tumbled overnight after Bloomberg reported the company considers potential Chapter 11 Bankruptcy.
• Nestle (NSRGY) posted better-than-expected Q2 organic sales growth and saying it expects slightly higher FY organic sales; expects to raise around €3 billion ($3.43 billion) from spinning off its water business into a 50-50 joint venture with U.S. investment firm Platinum Equity.
• Rollins Inc. (ROL) Q2 Adj. EPS $0.32 vs est. $0.34; Rev $1.10B vs est. $1.09B; Adj. EBIT $209.9Mm (19.5% margin) vs est $225.02Mm; Adj. EBITDA $236.3Mm vs est. $256.4Mm (21.9% margin); resi pest Ctrl softness drove miss; lead volume recovery late-June into early July, Co. remains cautious near-term.
• Southwest Airlines (LUV) Q2 adj EPS $0.94 vs. est. $0.52; Q2 revs $8.4B vs. est. $8.58B; guides Q3 adj EPS $0.50-$0.75 below consensus of $0.82; Q2 operating expenses +16.1% y/y to $8.1B; Q2 fuel cost was $3.92 per gallon, below prior assumptions of $4.10 to $4.15 per gallon; sees FY26 adjusted EPS $3.25-$4.25 compared to prior view of "at least $4.00
• Wyndham Hotels (WH) Q2 adj EPS $1.48 vs. est. $1.41; Q2 revs $375M vs. est. $400.8M; Q2 adj Ebitda rises 9% y/y to $212M vs. est. $205.9M; raises FY26 adjusted EPS view to $4.71-$4.83 from $4.62-$4.80 (est. $4.80) and boosts FY26 revenue view to $1.48B-$1.5B from $1.47B-$1.5B.

• Kinder Morgan (KMI) Q2 adj EPS $0.37 vs. est. $0.31; Q2 revs $4.48Bvs. est. $4.19B helped by higher volumes of natural gas transported through its pipelines; raises quarterly dividend 2% to 29.75c per share; backs FY26 adjusted EPS view $1.36, vs. consensus $1.49; backlog at end of q2 2026 was $9.6B; expects to be over 5% favorable to budget on adj ebitda basis, over 12% favorable to budget on adj eps for 2026.

• Brown & Brown (BRO) will deploy Anthropic's Claude company-wide to approximately 23,000 employees, working with Anthropic, McKinsey and Accenture. Claude will support customer service, operations and software development across the organization.
• Cathay General (CATY) Q2 EPS $1.37 vs. est. $1.35; Q2 revs $221.2M vs. est. $218.04M; Q2 Net interest margin increased to 3.48% in Q2 from 3.43% in Q1; Loan growth was led by commercial and commercial real estate loans, while deposit growth was driven by non-interest-bearing and NOW deposits.
• Globe Life (GL) Q2 revs rose 7% to $1.3B; Q2 Total premium revenue rose 7% y/y, with life premium up 3% and health premium up 16%; raises FY26 EPS view to $15.55-$15.95 from $14.95-$15.65 (est. $15.65); Average producing agent count increased 8% at Liberty National and 7% at Family Heritage, supporting higher sales.
• Raymond James (RJF) Q3 adj EPS $3.14 vs est $2.91 on revs $3.93B vs est $3.875B, domestic private client group net new assets $21.7B, net bank loans $56.2B, client assets under admin $1.92T.
• RenaissanceRe Holdings (RNR) Q2 adj EPS $12.92 vs. est. $11.52; Q2 revs $2.77B vs. est. $2.39B; Q2 annualized return on average common equity of 24.0% and annualized operating return on average common equity of 20.1%; Q2 gross written premiums $2.99B and net premiums written $2.28B; Q2 combined ratio at 72.8%.

• Medpace Holdings (MEDP) Q2 EPS $4.25 vs est $3.97, EBITDA $153.4Mm vs est $147.5Mm on revs $707.3Mm vs est $687.65Mm; guides FY revs $2.805-2.885B vs est $2.778B, EBITDA $618-642Mm vs est $616.6Mm and EPS $17.25-17.95 vs est $16.97.
• Molina Healthcare (MOH) Q2 Adj. EPS $1.51 vs est. $1.39; Rev $10.87B; Premium Rev $10.24B vs est $10.794B; EBIT $145Mm VS EST $143.87mM; Medicaid MCR 92.7%; sees FY Adj. EPS ≥$5.25 (incl. ~$1.50/shr FL Medicaid contract drag in Q4) vs est $5.156 and FY Premium Revs ~$42B vs est $44.355B.
• Verastem Oncology (VSTM) announced that the first patient has been dosed in the TARGET-D 202 Phase 2 registration-directed trial evaluating VS-7375, an investigational oral KRAS G12D inhibitor, in patients with previously treated KRAS G12D-mutated advanced non-small cell lung cancer

• CSX Corp (CSX) shares rise on results; Q2 EPS $0.54 vs. est .$0.52; Q2 revs rose 10% y/y to $3.94B vs. est. $3.9B; Q2 total volume of 1.68M units was 6% higher y/y; Q2 volume increased 6% with broad-based growth across markets led by 9% intermodal growth; Q2 operating income up 17%, operating margin expanded 240 bps to 38.3%.
• Dow Inc. (DOW) Q2 operating EPS $1.44 vs. est. $1.28; Q2 revenue $12.09B vs. consensus $12.03B; Expect to generate approximately $200M more in benefits from transform to outperform this year; expects in-year benefits from 'Transform to Outperform' to exceed $1.3B in 2026.
• Honeywell (HON) Q2 adj EPS $4.52 vs. est. $4.81; Q2 sales $9.7B vs. est. $9.506B; Q2 organic growth 4%; Operating margin of 17.9% and segment margin1 of 23.1% and orders up 4% leading to ~$38 billion backlog; raises year outlook.
• Kaiser Aluminum (KALU) Q2 EPS $5.72 vs est $2.48, adj EBITDA $166Mm vs es T$99.51Mm; FY26 guidance raised - Conv. Rev high end +10%–+15% YoY, Adj. EBITDA +45%–+55% YoY.
• Knight-Swift (KNX) Q2 adj EPS $0.63 vs. est. $0.51 and revs $2.096B vs. est. $2.04B; guides Q3 adj EPS $0.71-$0.77 vs. est. $0.70; sees FY26 capex $600M-$650M.
• Lockheed Martin (LMT) Q2 sales $20.1B vs. est. $19.344B; Q2 free cash flow $2.900B; Q2 backlog $230.42B, up 38.3% from $166.5B last year; raises FY outlook EPS to about $29.95-$30.65 vs prior forecast $29.35-$30.25 and raises sales view to $79.75B-$81.75B from $77.5B-$80B.
• Reliance (RS) Q2 EPS $6.27 vs. est. $5.47; Q2 sales rose 26.5% to $4.63B vs. est. $4.25B; Q2 pretax income climbed 41.2% from a year earlier to $429M; Q2 tons sold increased 10.8% y/y to 1,790,000; average selling price per ton rose 14.5% to $2,602; guides Q3 EPS $6.40-$6.60 vs. est. $5.24.
• RTX Cop. (RTX) Q2 adj EPS $1.89 vs. est. $1.66; Q2 revs $24.71B vs. est. $22.88B; reports company backlog of $289B, including $170B of commercial and $119B of defense; raises FY26 adjusted EPS view to $7.10-$7.25 from $6.70-$6.90 (est. $6.92) and ups FY26 revenue view to $95B-$96B from $92.5B-$93.5B (est. $94.1B).
• Sonoco (SON) Q2 adj EPS $1.51 vs. est. $1.47; Q2 sales $1.89B vs. est. $1.88B; maintaining FY annual adjusted eps guidance of $5.80 to $6.20 per diluted share and continuing to expect results toward the low end of the range (est. $5.84) and guides FY sales view to $7.25B0$7.75B vs. est. $7.45B.
• United Rentals (URI) Q2 adj. EPS $12.76 vs. est. $11.54; Rev $4.41B vs. est. $4.22B; Rental Rev $3.85B; Adj. EBITDA $2.056B (46.6% mgn) vs est $1.92B; fleet productivity +3.4%; YTD FCF $1.149B; YTD capital returns $998Mm; net leverage 1.8x; FY26 guidance raised - Rev $17.5B–$17.8B vs est $17.267B, Adj. EBITDA $7.975B–$8.125B vs est $7.808B.
• Waste Connections (WCN) Q2 adj EPS $1.50 vs. est. $1.36; Q2 revs $2.56B vs. est. $2.53B; Q2 revenue growth was driven by price increases, with solid waste yield up 4.6% and surcharges contributing 1.1%; raises FY2026 sales guidance from $9.900B-$9.950B to $10.020B-$10.050B vs est. $9.98B; expects 2026 net income of $1.169B-$1.173B and capex of about $1.25B with adj Ebitda $3.33B-$3.34B.

• Comcast (CMCSA) Q2 adj EPS $1.04 vs. est. $0.97; Q2 revs $29.94B vs. est. $29.26B; Q2 peacock paid subscribers increased by 2M net additions to 48M; Q2 domestic broadband customer net losses 167,000 vs est. 165,300 losses and Q2 domestic wireless line adds 448,000 vs. est. 391,100 additions
• IBM Corp. (IBM) Q2 Adj. EPS $2.93 vs est. $2.97; Rev $17.16B vs est. $17.58B; GM 57.7%; Software $7.8B (+5%), Consulting $5.33B (flat), Infra $3.8B (-7%; mainframe -42%, Dist. Infra +37%); Red Hat +11%; FY const currency rev guide cut to 4%-5% (from >5%) vs est +4.79%; FY FCF +~$1B YoY maintained; div. $1.69/shr; prelim pre-announced July 14.
• Intel (INTC) and AMD (AMD) sign long-term server CPU deals with Chinese clients as prices surge, Reuters reported. Intel, AMD seek longer China server CPU supply commitments; Ai data-centre boom strains supply beyond GPUs into mainstream processors; China server CPU prices up more than 40% this year for some products.
• Nokia Corp. (NOK) net sales EU4.815B vs est. EU4.823B; Q2 comparable operating profit EU434M vs est. EU382M; Q2 network infrastructure net sales grew 12% y-o-y on a constant currency basis, led by optical networks growing 20%; for Q3 sees 3% to 7% q-o-q increase in net sales.
• ServiceNow (NOW) Q2 adj EPS $0.90 vs. est. $0.86; Q2 revs rose 24% y/y to $3.987B vs. est. $3.93B; aid sales were boosted by strong demand from the U.S. federal government, which accelerated some on-premise subscription revenues; guides Q3 subscription revs $3.98B vs. est. $4.01B but raises FY sub sales to be $15.76B-$15.78B from prior view $15.74B-$15.78B (est. $15.75B)
• STMicroelectronics (STM) shares slide as Q2 results topped expectations at $0.31/$3.49B vs. $0.27/$3.47B consensus, but guided Q3 revs around $3.7B, below the $3.78B consensus while expects a gross margin of 37%, plus or minus 200 basis points; now expects revenues from its data center to be above $1B
• Texas Instruments (TXN) Q2 EPS $2.14 vs est $1.93 on revs $5.46B vs est $5.25B; guides Q3 revs $5.365-6.15B vs est $5.63B and EPS $2.23-2.57 vs est $2.18.
• Crown Castle (CCI) Q2 adj FFO/SHR $1.13 vs est $0.99 on revs $967Mm vs est $996.95Mm; guides FY adj EBITDA $2.69B vs est $2.724B and adj FFO/SHR $4.59 vs est $4.40.
• Progress Software (PRGS) announced that it entered into an agreement to acquire substantially all of the assets and assume certain liabilities of Domo (DOMO), including its AI and data products platform. Domo will add a customer base of over 2,400 businesses, as well as a global and strategic ecosystem of cloud data warehouse for $400M.

Mid-Morning Look

Thursday, July 23, 2026

U.S. stocks tumble on the open after closing lower overnight across the board, led by small caps as the Russell 2000 dropped 0.92%, while the Nasdaq fell 0.54% and the S&P 500 slipped 0.14% to 7,499 on Wednesday. Sentiment soured further following disappointing earnings prints from Tesla (TSLA) as shares fall -12% this morning on EPS miss and cash burn, while Alphabet (GOOGL) shares drop after raising its full-year capex guidance again this year (raises spending fears). Rising interest rate fears also hurt sentiment as Iranian-aligned Houthis struck two Saudi oil tankers in the Red Sea, while an explosion damaged a tanker navigating a mined route south of the Strait of Hormuz, sending oil prices surging with Brent above $100 per barrel and up 34% this month alone. Airlines and other transport stocks being hit by the spike in oil (AAL and LUV also slide on lower guides post earnings), though rails tocks (CSX, UNP) rise on earnings. The inflation fears lifting Treasury yields globally while the dollar rises as well post better jobs data. A busy night/morning of earnings with top movers to upside/downside noted below.

Oil surges as Brent tops $100 per barrel for highest levels since late May. Houthi drone-and-missile strikes on Saudi oil tankers, combined with Trump's threat to bomb Iranian bridges and power plants if ships are targeted in the Strait of Hormuz, have pushed Brent crude above $100 for the first time since late May and WTI past $90. Crude oil prices rose for the seventh day of the past eight on Wednesday, to highs since early June. The Houthis, who control areas near the Bab el-Mandeb Strait on the opposite end of the Arabian Peninsula from the Strait of Hormuz, said on Monday they were imposing a naval blockade on Saudi Arabia.

Interest rate hike concerns back on the table as the U.S. dollar edged lower under a confluence of factors, including fiscal concerns surrounding the Iran war budget, renewed risks to Fed independence, and firm risk sentiment across Asian session trading. The Dollar/yen climbs to a fresh 40-year high of 163.75, last up 0.37% amid a surge in Treasury yields on inflation concerns. WTI crude oil tops $90/bbl and Brent above $98 per barrel after Houthis say they attacked Saudi tankers in the Red Sea. Treasury yields up across the board with the 10-year above 4.7%, 2-yr at 4.36% and 30-yr 5.18%. Stronger economic data today also not helping as weekly jobless claims dropped by 22,000 — the largest decline in three months — to a seasonally adjusted 187,000 for the week and the lowest level of new applications since September 1969.

In Central Banks, the European Central Bank (ECB) kept interest rates unchanged as expected on Thursday but held the door open to another increase in September, as a fresh jump in energy prices threatens to keep inflation well above its 2% target. The ECB raised rates in June and hinted at more to come but pulled back following a string of benign data on prices, wages, economic activity and inflation expectations. The FOMC meets next week where no changes to rates are expected.

• Software sector: small sigh of relief early as NOW posted a 21.5% CC cRPO beat by ~200bps for Q2 (vs. ~100bps Q/Q), driven by NNACV outperformance with particular strength in ITOM, Now Assist, and Armis/Security/Risk/CC Subscription revenue growth beat by ~150bps and delivered Q3 and Q4 CC cRPO guides of ~20% and 19.5%, respectively, both came ahead of consensus. PRGS agreed to acquire substantially all of the assets and assume certain liabilities of DOMO, including its AI and data products platform. Domo will add a customer base of over 2,400 businesses, as well as a global and strategic ecosystem of cloud data warehouse for $400M.
• Data Centers: among sectors benefitting from the increased capex spending by GOOG overnight (strength in CIFR, WULF, IREN, CLSK), as well as more positive analyst comments. Morgan Stanley initiated HUT at Overweight and $263 tgt and RIOT Overweight and $36 tgt while APLD initiated at EW and $36.50 price target on Bitcoin miners turned-high performance computing companies, which it calls powered shell providers, noting that it remains bullish despite the recent market pullback among such "PSPs." Recent deals with hyperscalers show highly attractive terms.
• Utilities: PCG reported mixed Q2 results as EPS beat but revs of $59B missed consensus while backs FY core EPS view; in research, Keybanc upgraded AEE to Overweight saying increasing visibility around incremental load growth could position AEE for a meaningful earnings growth revision as early as this fall. The firm also downgraded CMS to Sector Weight going into the fall due to Michigan elections overhang and notes CMS has steadily been losing its premium in the runup to the 2H. Lastly they downgraded SO to Underweight on premium valuation and GA elections overhang where a Democratic win in District 5 could deliver a sustained PSC majority focused on affordability, driving greater scrutiny of GP proceedings.

• DOMO +37%; as PRGS agreed to acquire substantially all of the assets and assume certain liabilities of DOMO, including its AI and data products platform. Domo will add a customer base of over 2,400 businesses, as well as a global and strategic ecosystem of cloud data warehouse for $400M.
• IMAX +14%; shares jumped on Q2 EPS/rev beat ($0.43 vs. $0.28) and anticipates a strong slate of major releases in H2 2026; reported its highest Q2 box office since 2019.
• LMT +11%; along with gains in RTX as defense stocks rally on beats and raise quarters; LMT reported better-than-expected Q2 financial results and raised its FY26 guidance above estimates while RTX also had a beat and raise for Q2 and year as reports company backlog of $289B.
• MEDP +16%; after strong results; Q2 EPS $4.25 vs est $3.97, EBITDA $153.4Mm vs est $147.5Mm on revs $707.3Mm vs est $687.65Mm; guides FY revs $2.805-2.885B vs est $2.778B, EBITDA $618-642Mm vs est $616.6Mm and EPS $17.25-17.95 vs est $16.97.
• UNP +6%; and CSX +4% after earnings in railroads; reported stronger-than-expected Q2/26 results, driven primarily by robust productivity gains/raised 2026 guidance and UNP posted a top and bottom line beat for Q2 results and an operating ratio of 59.7% and adjusted OR of 59.2%.
• URI +12%; shares jumped after reported Q2 adj. EBITDA of $2.06B, above est. $1.91B, EBITDA margins of 46.6% beat est. of 45.5%, while the updated guide implies stronger revenue and margins in 2H26 vs consensus; total sales of $4.41B beat est. of $4.21B

• CYH -11%; shares fell on -9% earnings miss driven by soft elective surgeries and unfavorable payor mix, partially offset by supplemental payments in Indiana and Florida (Q2 revs $2.825B vs. est. $2.89B) and guides year EPS loss (-$1.25-$1.10) and revs $11.4B-$11.6B).
• GOOGL -6%; delivered another strong quarter, with consolidated revenue of $120B, up 24% y/y topping consensus, led by Search revenue growth of 17%, YouTube ad growth of 13%, and an 82% increase in Google Cloud revenue. Shares fell after the company raised its 2026 capex forecast
• LESL -46%; shares tumbled overnight after Bloomberg reported the company considers potential Chapter 11 Bankruptcy.
• MOH -10%; mixed results as EPS $1.51 vs. est. $1.44 while revs fell -4.8% y/y to $10.9B; MLR of 92.2% +170bps y/y was below consensus 92.4% and raised 2026 adj EPS $0.25 to at least $5.25 reflecting 1) +25c Medicaid upside, 2) +$1.50 Medicare upside, 3) -$1.50 HIX pressure.
• ROL -11%; was downgraded at RBC from Outperform to Sector Perform as performance over the last few quarters has fallen short of mid-term guidance. The firm noted after earnings last night that organic growth has underperformed mid-term guidance for three consecutive quarters
• STM -15%; as Q2 results topped expectations at $0.31/$3.49B vs. $0.27/$3.47B consensus, but guided Q3 revs around $3.7B, below the $3.78B consensus while expects a gross margin of 37%, plus or minus 200 basis points; now expects revenues from its data center to be above $1B.
• TSLA -12%; adj Q2 EPS of $0.33 missed consensus of $0.55, impacted by warranty & pricing as auto GM ex credits of 16.3% (19.2% in Q1) impacted by non-repeat of Q1 one-timers & price; also confirmed >$25B in 2026 CAPEX vs $8.5B last year & $8B YTD.

Closing Recap

Wednesday, July 22, 2026

U.S. stock markets finish lower as the Nasdaq Comp opened in negative territory and held there most of the day behind weakness in semis, software and large caps ahead of GOOGL and TSLA earnings tonight while the S&P 500 was choppy/little changed as strength in materials, energy and utilities help offset the weakness in consumer discretionary and REITs. A rare quiet week of economic data in the U.S. and no Fed speakers as they are in their “blackout period” ahead of next weeks FOMC meeting. While recent Fed comments have leaned to the more “hawkish” side, no changs to rates are expected next Wednesday. Overall, markets are holding up well despite a more than 20% jump in oil prices the last two weeks as the US/Iran ceasefire ended and entered into an 11^th day of attacks on key targets in Iran. Wall Street has also largely ignored the recent spike in Treasury yields as the 2-yr hit highest levels since Feb 2025. The dollar has climbed with the Japanese yen down at 40-year lows (will BoJ intervene soon?) A quiet day of trading as investors await earnings results in tech tonight with GOOGL, TSLA, IBM, NOW and TXN.

• Weekly oil inventory data was bearish as the EIA said U.S. crude and fuel stocks rose last week, as crude inventories rose by 2 million barrels to 411.7 million barrels in the week compared with analysts' expectations for a 1.1 million-barrel draw. U.S. gasoline stocks rose by 765,000 barrels in the week to 211.3 million barrels, vs expectations for a 1.5 million-barrel draw.​
• Treasury yields continue to creep higher as the two-yr U.S. Treasury yield reaches 4.3105%, highest since February 2025. @KobeissiLetter noted on X, “The US 30Y Note Yield has now traded above 5.00% for the longest stretch since 2007. So far this year, the 30Y Note Yield has traded above 5.00% for 27 days, or ~19% of all trading sessions.” The 10-year yield topped 4.65%
• Gold prices rose sharply for a second day, up $75.50 or +1.85%, at $4,151.90 an ounce, at its highest level in two weeks helped by a softer dollar and technical buying, as markets weighed signs of lingering tensions in the Middle East and awaited fresh cues on U.S. interest rates from the Federal Reserve. September Silver gains $1.19, or +2.01%, at $60.30 an ounce. The U.S. dollar index softened, making greenback-priced bullion more affordable for buyers overseas.

• Food sector: CALM shares fell early after quarterly results miss; Q4 EPS loss (-$0.76) vs. est. $0.08; Q4 revs $552.58M vs. est. $563.8M; said prepared foods production capacity projected to increase over 60% from FY2026 to FY2028; said will not pay cash dividend for Q4. Casual dining stocks all got hit this afternoon (CAVA, BROS, CMG, YUM, SG, WEN, EAT, etc.) after late day headline that the FDA reports new outbreak of cyclospora linked to a not yet identified product.
• Footwear Apparel: Bernstein said Foot traffic trends are sequentially improving, web traffic has accelerated broadly but observed sales trends vary by brand. NKE and ADDYY both showed improvement in foot traffic in June, with the overall Sportswear sector also improving sequentially, likely driven by the World Cup. ONON trends have improved, and emerging brands Alo and Vuori are still outperforming on growth, although traffic trends are becoming more uneven as they mature. Meanwhile, Nike trends remain negative, declines continue to worsen at LULU and DECK trends have decelerated to flat/slightly negative.

• Energy stocks benefit again from a further rise in oil prices; EQT shares jumped after Q2 production and free cash flow were 5% and 46% above consensus, respectively, while its new power and midstream agreements continue to de-risk Appalachian growth; oil refiners again making new 52-week highs with MPC, PBF, DINO, DK among leaders in energy. Inutilities, SO shares rallied after Georgia Power said it will provide electric service to OpenAI's planned data center project in Effingham County, Georgia, under a 25-year agreement.

• Bank sector: NTRS Q2 revs rose 35% y/y to $2.71B beating $2.42B estimate on better EPS helped by Visa exchange offer gain and raised quarterly dividend by 10%; said revenue growth was supported by robust fee growth and double-digit net interest income growth of $683M (vs. est. $659M).
• Credit rating sector: MCO Q2 revs +19% y/y to $2.19B vs. est. $2.08B and adj EPS beat at $4.68 while reaffirms full-year 2026 revenue growth guidance in high-single digit percent range and narrows full-year 2026 adjusted diluted EPS guidance to $16.50-$17.00
• Brokers & Exchanges: CME Q2 adj EPS of $3.00, beating the average analyst estimate of $2.91, but fell from $3.36 in Q1 while revenue of $1.71B, topped the $1.68B consensus; Q2 clearing and transaction fees dropped to $1.35B from $1.54B in Q1 and $1.39B y/y; Average daily volume of 29.8M contracts, its 3^rd highest quarterly ADV, declined from 36.2M contracts in Q1 and 30.2M y/y.
• Consumer Finance: COF credit card delinquencies continue to come in better than seasonality and both DQs and NCOs came in lower y/y; NCOs also came in better than expected. Both card and auto loan growth was stronger than expected and accelerated y/y sequentially. Auto DQs were in-line while NCOs were better.
• Insurance sector: CB shares fell after reported a largely in-line Q226, with growth and underwriting margins broadly in-line but Cantor said the quarter reinforced that the company remains more exposed to large account business than peers. Cantor thinks the read-through extends well beyond Chubb, highlighting that primary property pricing remains under considerable pressure despite meaningful capacity withdrawal, with early signs that softness is beginning to spill into casualty.

• Generic drug sector (TEVA, AMRX, VTRS): President Trump announced new tariffs on generic drugs imports, up to 200%, effective from Aug-1. The announcement comes amidst China's expanding role within Pharma and a broader focus on strengthening the US supply chain. Goldman Sachs said the tariffs could lead to deals among companies and with countries in exchange for carve-outs or exemptions as favor Buy-rated AMRX and TEVA and Neutral-rated VTRS.
• ARWR said phase 3 SHASTA-3 and SHASTA-4 studies of Plozasiran in severe Hypertriglyceridemia met primary endpoints. In SHASTA-3 and SHASTA-4, 25 mg Plozasiran administered as a subcutaneous injection once every three months led to median triglyceride reductions of 79% and 81%, respectively, at month 12, versus a placebo reduction of ~27%.
• CLDX said its experimental drug barzolvolimab failed in a Phase 2 study in the skin condition prurigo nodularis; is continuing to test the drug in a number of other indications, with data expected in September or October from Phase 3 trials in chronic spontaneous urticaria.
• DYN priced an upsized public stock offering, raising about $375M through the sale of 18.3M shares at $20.50 each, up from its initially proposed $300M raise.
• ISRG, MDT shares fell after JNJ announced the FDA authorization for its Ottava Surgical Robot, marking its entry into the U.S. robotic soft-tissue Surgery market
• NKTR announced the initiation of the Ph3 ZENITH atopic dermatitis (AD) program, an incremental positive that marks an important execution milestone for rezpeg.
• RGEN said it would buy BLFS in a cash-and-stock deal valued at about $1.5B, to expand its presence in the fast-growing cell therapy market; BioLife shareholders will receive $11.25 in cash and 0.1442 shares of Repligen for each share, valuing the cell-and-gene-therapy maker at $31 per share.
• RPRX acquires a portion of Neurimmune's royalty interest in cliramitug for up to $425 million, with an additional $125 million cash payment to Neurimmune scheduled for the first quarter of 2027.
• SMMT released updated survival data from its Phase 3 HARMONi trial testing the drug ivonescimab in a form of non-small cell lung cancer. The FDA is set to make an approval decision on the drug in the disease by Nov. 14. 

• Trailers/RVs: Davidson noted ACT Research released June US trailer-industry data, which is an important read-through for WNC. Orders were down 9% Y/Y in the month, and shipments were up 16% Y/Y. It was the second consecutive month of Y/Y backlog increases after 36 months of declines. Shipments were up 4% Y/Y in 2Q, well ahead of our estimates.

• Neoclouds/AI: OpenAI raises projected Cloud spending to $750B, up from $600B, the WSJ reported this morning. Further, OpenAI plans to spend over $30B on a new 3.2-gigawatt data center near Savannah, Georgia, Bloomberg News reported. CRWV was upgraded to Buy from Hold at Truist saying growing adoption of open models and sovereign AI should broaden demand beyond large hyperscaler customers.
• In Internet: the WSJ reported RDDT is considering cutting off GOOGL access to its content for AI use as its $60M annual licensing deal nears expiration. Other publishers are also reevaluating Google’s crawler as AI summaries erode referral traffic with USA Today reportedly down ~50% the last year.
• In Telecom: AT&T (T) posted mixed Q2 results as EPS beat/revs miss but Q2 432,000 postpaid phone net adds topped estimates of 338,500 additions; posted record broadband additions, with 367,000 new fiber internet users and 279,000 fixed wireless subscribers due to bundling.

• Software movers: PEGA shares tumbled after results as Q2 adj EPS $0.35 missed consensus est $0.43 on revs rose 09% y/y to $420.7Mm but vs est $426.24Mm; saw Pega Cloud ACV rise 22% yr/yr, but AI market changes slowed overall ACV growth. MNDY initiates restructuring plan affecting ~20% of workforce; Estimates $45-55M charges; Raises FY26 non-GAAP operating margin to ~15% (prior: ~13%). NOW is expected to report earnings tonight after the close.
• IT Services & Consulting: DOCN was upgraded from Hold to Buy at Stifel and raised tgt from $135 to $160 with the stock down ~30% from recent highs and several incremental positive data points over the past week, including today's GPU price increases that should support Rev/MW in the mid-to-high teens, and the recent debt-for-equity conversion that frees up financing for future capacity.
• Communications & Networking: ADTN shares tumbled after guides Q2 EPS $0.3-$0.05 below est $0.13 and cuts Q2 revenue view to $280M-$282M from $283M-$303M (est. $294M); said it sees Q3 revenue $275M-$295M, below consensus $300.34M, sees Q3 operating margin 1.5%-5.5%.

• AMD announced a partnership with Anthropic and said it will invest up to $5 billion in the AI company. As part of the deal, Anthropic will deploy 2 gigawatts of the AMD Instinct MI450 Series GPUs in AMD Helios rack-scale solutions.
• CBRS shares rise after partnered with CRWD for its Falcon Ai Detection and Response platform using Cerebras' Ai inference technology; said the partnership is aimed at improving the speed of Ai-driven threat detection and response as cyberattacks become more sophisticated and faster.
• QCOM and Samsung are deepening their partnership to deliver Snapdragon-powered AI experiences across the Galaxy ecosystem.
• SKHY shares fell after the co denied a report that it would acquire an INTC plant.
• TXN to report earnings after the close tonight.

Street Recommendations

Thursday, July 23, 2026

• CSX Barclays raised the firm's price target on CSX to $60 from $55 and keeps an Overweight rating on the shares. The firm says the company's "solid" Q2 results combined with current strong volume and price fundamentals will continue to support momentum in the stock as management remains committed to long-term cost reduction and higher capital returns.
• IBM Barclays lowered the firm's price target on IBM to $262 from $288 and keeps an Overweight rating on the shares post the Q2 report. The company's second half of 2026 growth acceleration centers on its ability to recover more of the slipped deals, improve overall execution, and continued strength in distributed infrastructure, storage, Power, and the z17 mainframe cycle, the analyst tells investors in a research note.
• LVS Barclays analyst Brandt Montour lowered the firm's price target on Las Vegas Sands to $59 from $63 and keeps an Overweight rating on the shares following the Q2 report. Las Vegas's Macau results were worse than expected, but mostly hold-driven, as the company is gaining volume share, the analyst tells investors in a research note.

• TXN Bernstein raised the firm's price target on Texas Instruments to $290 from $250 and keeps a Market Perform rating on the shares following quarterly results. The firm notes this was another solid print from the company as industrial strength persists, datacenter accelerates, and automotive grows more positive, and results were pretty clean. The only issue is that a strong beat was likely already expected given those dynamics are fairly well known at this point, Bernstein adds.
• GE Bernstein raised the firm's price target on GE Aerospace to $421 from $405 and keeps an Outperform rating on the shares. The firm notes GE Aerospace beat consensus and its estimates when they reported Q2 on July 16. Unlike the beat in Q1, GE this time raised guidance for the year, as confidence in the outlook appears stronger. With that said, shares fell after reporting, which Bernstein attributes to expectations for a perfect quarter. One concern the firm heard about was that service orders were down relative to Q1. But it did not see an issue here, with orders up 22% year-over-year and shop visit backlogs already extended on each platform.

• KNX BofA raised the firm's price target on Knight-Swift to $98 from $90 and keeps a Buy rating on the shares. The firm, which says Knight-Swift is "reaping the rewards of the regulatory-induced truckload market tightening," raised its FY26 and FY27 EPS estimates by 16% and 18%, respectively.
• CROX BofA analyst Kendall Toscano raised the firm's price target on Crocs to $160 from $145 and keeps a Buy rating on the shares ahead of the company reporting Q2 EPS on Thursday, July 30. The firm thinks proof points that North America direct-to-consumer growth is sustainable will drive further multiple expansion, the analyst tells investors in a preview.
• RNR BofA raised the firm's price target on RenaissanceRe to $438 from $410 and keeps a Buy rating on the shares after Q2 operating EPS of $12.92 beat the firm's $12.36 estimate and $11.71 Street consensus. The firm's EPS forecasts rise with higher alternative investment yields, only marginally offset by sharper premium decline and higher premiums ceded, the analyst tells investors.
• CSX BofA analyst Ken Hoexter raised the firm's price target on CSX to $56 from $53 and keeps a Buy rating on the shares. CSX increased its FY26 targets and expects revenue growth with fuel of mid- to high-single digits, notes the analyst, who raised the firm's 2026 and 2027 EPS estimates 2% each.
• U BofA raised the firm's price target on Unity to $30 from $29 and keeps a Neutral rating on the shares. Conversations with a dozen investors suggest a Q2 beat is "broadly expected," says the analyst, who raised the firm's target multiple on improved confidence in runtime data's potential following channel checks.
• RS BofA analyst Lawson Winder raised the firm's price target on Reliance to $400 from $380 and keeps an Underperform rating on the shares after the company reported Q2 EPS above its guidance and consensus. The firm raised its price target driven by higher estimates, but reiterates an Underperform rating on an anticipated correction in underlying commodity prices and a "historically high valuation."

• TSLA Canaccord analyst George Gianarikas lowered the firm's price target on Tesla to $410 from $450 and keeps a Buy rating on the shares. The firm said Tesla is currently a story of stagnant margins, negative free cash flow impacted by long-term investments, and breakthrough promises anchored to timelines hard to measure and model. Canaccord said they would like to see some material robotaxi deployments over the next 6 months, more momentum around a SpaceX union, and more EV momentum.

• TSLA Cantor Fitzgerald lowered the firm's price target on Tesla to $485 from $510 and keeps an Overweight rating on the shares. Tesla remains bullishly viewed despite year-to-date underperformance, with FY26 expected to be a transformational year driven by autonomy, AI, robotics, and chips, though estimates remain conservative pending further details on Semi, Cybercab, and Optimus, the analyst tells investors in a research note.
• FTNT Cantor Fitzgerald raised the firm's price target on Fortinet to $165 from $110 and keeps a Neutral rating on the shares. Fortinet's long-term outlook remains supported by its integrated platform and differentiated technology, but slowing demand momentum and an elevated valuation limit near-term upside unless results deliver a significant beat and guidance raise, the analyst tells investors in a research note.
• GOOGL Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm's price target on Alphabet to $420 from $435 and keeps an Overweight rating on the shares. Alphabet delivered a strong Q2 with GCP outperforming, expanding margins, and accelerating AI adoption across products, though higher AI infrastructure spending and limited EBIT upside pressured shares despite a positive fundamental outlook, the analyst tells investors in a research note.
• BAH Cantor Fitzgerald lowered the firm's price target on Booz Allen to $140 from $160 and keeps an Overweight rating on the shares ahead of the quarterly earnings report on July 24. Booz Allen shares have significantly underperformed, but the company's discounted valuation, strong free cash flow generation, and defense capabilities support an attractive risk/reward profile, with potential catalysts from stable guidance, defense bookings, and continued cash flow performance, the analyst tells investors in a research note.

• EVH Citi downgraded Evolent Health to Neutral from Buy with a price target of $6.75, up from $5.50. The firm sees a less favorable risk/reward following the stock's recent rally. Citi believes "significant unknowns" remain for Evolent given healthcare exchange dis-enrollment and acuity shifts. The firm also added a "downside 30-day catalyst watch" on Evolent, saying the company is unlikely to hit high end of its guidance given medical cost trends.
• GDRX Citi analyst Daniel Grosslight added an "upside 30-day catalyst watch" on GoodRx while keeping a Buy rating on the shares with a $4 price target. GoodRx said it has been able to capture nearly one-third of all Wegovy pill transactions, the analyst tells investors in a research note. Citi sees upside to estimates.
• HIMS Citi analyst Daniel Grosslight raised the firm's price target on Hims & Hers to $35 from $28 and keeps a Neutral rating on the shares. The firm adjusted ratings and targets in the health technology group as part of a Q2 earnings preview. Citi attributes the recent share rallies in the sector to renewed confidence in value-based care enablers, turnaround execution and interest in growth assets.
• PRVA Citi raised the firm's price target on Privia Health to $35 from $32 and keeps a Buy rating on the shares. The firm adjusted ratings and targets in the health technology group as part of a Q2 earnings preview. Citi attributes the recent share rallies in the sector to renewed confidence in value-based care enablers, turnaround execution and interest in growth assets.
• TDOC Citi raised the firm's price target on Teladoc to $11 from $7 and keeps a Neutral rating on the shares. The firm adjusted ratings and targets in the health technology group as part of a Q2 earnings preview. Citi attributes the recent share rallies in the sector to renewed confidence in value-based care enablers, turnaround execution and interest in growth assets.
• COIN Citi lowered the firm's price target on Coinbase to $235 from $400 and keeps a Buy rating on the shares. The firm lowered its estimates for Coinbase ahead of the Q2 report. The stock at current levels trades near "trough-cycle multiples," the analyst tells investors in a research note. Cit believes the company's subscription and services offer "durable earnings support." It expects Q2 will be a trough volume quarter with spot volumes at a two-year low.
• J Citi analyst Andrew Kaplowitz added an "upside 90-day catalyst watch" on Jacobs while keeping a Buy rating on the shares with a $181 price target. The firm sees the company's backlog growth and bookings momentum in the second half of 2026 providing a good setup for near-term share outperformance.

• PBF Goldman Sachs raised the firm's price target on PBF Energy to $71 from $51 and keeps a Neutral rating on the shares. The firm updated its model ahead of the Q2 earnings. The firm is focused on the company's view of the optimal capital structure as
• LVS Goldman Sachs lowered the firm's price target on Las Vegas Sands to $55 from $63 and keeps a Buy rating on the shares. Las Vegas Sands reported weaker-than-expected Singapore and Macau results, reinforcing near-term challenges despite an attractive valuation, with the stock likely to remain range-bound until operational improvements and stronger market conditions emerge, the analyst tells investors in a research note.
• IBM Goldman Sachs lowered the firm's price target on IBM to $270 from $335 and keeps a Buy rating on the shares. IBM shares are expected to remain range-bound after lowered 2026 guidance, as cost controls and a less severe-than-feared outlook provide support, but weaker software growth, hardware mix shifts, and execution concerns may limit multiple expansion, the analyst tells investors in a research note.

• PAGS Jefferies analyst Diego Pereira initiated coverage of PagSeguro with a Hold rating and $10.40 price target. The stock trades at an "undemanding" valuation, but the company's limited earnings growth, the analyst tells investors in a research note. Jefferies forecasts low-single-digit net income growth annually through 2029. As such, the firm believes shareholder returns will be driven by dividends and buybacks, rather than multiple expansion or earnings upgrades. The payment sector continues to face structural margin pressure from intense competition, lower pricing power and a more mature acquiring market, contends Jefferies.
• VRSK Jefferies upgraded Verisk Analytics to Buy from Hold with a price target of $235, up from $192. The firm says the company's growth weakness over the past year has been driven by "transient factors rather than a deterioration in underlying fundamentals." Verisk's Q1 report "likely marks a trough," with its organic growth improving to 5% year-over-year in Q2, and accelerating further in the second half of 2026, the analyst tells investors in a research note.

• NOW JPMorgan analyst Samik Chatterjee raised the firm's price target on ServiceNow to $150 from $145 and keeps an Overweight rating on the shares post the Q2 report. The firm says the results and outlook eased concerns on software companies. Investors "should feel more reassured around the strong position that ServiceNow is establishing with its Enterprise customers through AI control tower and associated orchestration," the analyst tells investors in a research note.
• TSLA JPMorgan lowered the firm's price target on Tesla to $445 from $475 and keeps a Neutral rating on the shares. The company's Q2 results came in well below JPMorgan's earnings estimates, largely driven by softer than expected gross margins, the analyst tells investors in a research note. The firm attributes this to lower regulatory credits, rising interest rate subvention costs, and warranty headwinds. JPMorgan believes Tesla shares are likely to remain range-bound near-term as forward estimate revisions continue to find a bottom. However, the firm sees downside support as the company's broader robotaxi rollout nears and Cybercab production ramps. The stock in premarket trading is down 6% to $350.85.
• KDP JPMorgan raised the firm's price target on Keurig Dr Pepper to $38 from $33 and keeps an Overweight rating on the shares. The firm believes investors are warming up to the shares as the company's separation nears. JPMorgan says that while some uncertainty remains on the timing and execution, it is constructive on both Keurig's fundamentals and valuation.

• DUK KeyBanc upgraded Duke Energy to Overweight from Sector Weight with a $139 price target. The firm says that while investors in the utility space continue to be focused on the "winners will keep winning" trade, which comprises high-multiple, AI-exposed names, interest in more defensive names with undemanding valuations will increase in the coming quarters. Duke is the most attractive defensive name in KeyBanc coverage, which drives the upgrade, the analyst tells investors in a research note.
• SO KeyBanc analyst Sophie Karp downgraded Southern Company to Underweight from Sector Weight with a $79 price target. The firm cites the stock's premium valuation and Southern 's elections overhang for the downgrade. The stock's premium will erode in the second half of 2026 as the elections overhang in Gorgia "presents a political risk" and Southern's upside earnings growth rate revisions seem unlikely, the analyst tells investors in a research note.
• CMS KeyBanc downgraded CMS Energy to Sector Weight from Overweight without a price target. The firm cites Michigan's poor showing in its risk map and the company's elections overhang for the downgrade. KeyBanc downgrades the shares into the Q2 earnings report, awaiting a better entry point with more outlook clarity.
• VRT KeyBanc last night initiated coverage of Vertiv with an Overweight rating and $360 price target. The firm believes Vertiv is the most pure-play way to play data center and has a "sustainable moat." This should support beat and raise earnings reports, particularly since 2027 estimates "could broadly be too low as capacity additions accelerate," the analyst tells investors in a research note.
• AAON KeyBanc analyst David Tarantino last night initiated coverage of Aaon with a Sector Weight rating without a price target. The firm views Aaon as a "compelling" long-term organic growth story supported by "robust" data center cooling trends. However, this is largely reflected in the stock's premium valuation with significant investments remaining ahead for Aaon, the analyst tells investors in a research note.

• HUT Morgan Stanley initiated coverage of Hut 8 with an Overweight rating and $263 price target. The firm launched coverage on three additional Bitcoin miners turned-high performance computing companies, which it calls powered shell providers, noting that it remains bullish despite the recent market pullback among such "PSPs." Recent deals with hyperscalers show highly attractive terms, says the analyst, who adds that "now is the time to buy these stocks" as the firm believes the market correction is "at odds with the lucrative transactions into which these companies sign."
• RIOT Morgan Stanley initiated coverage of Riot Platforms with an Overweight rating and $36 price target. The firm launched coverage on three additional Bitcoin miners turned-high performance computing companies, which it calls powered shell providers, noting that it remains bullish despite the recent market pullback among such "PSPs." Recent deals with hyperscalers show highly attractive terms, says the analyst, who adds that "now is the time to buy these stocks" as the firm believes the market correction is "at odds with the lucrative transactions into which these companies sign."
• AAPL Morgan Stanley raised the firm's price target on Apple to $364 from $360 and keeps an Overweight rating on the shares. While the firm continues to believe that Apple fundamentals are "very strong," and expects a small June quarter beat and September quarter guidance that implies revenue and EPS upside, it sees the tactical setup into earnings as "neutral/tougher" with shares trading near all-time highs, adding that this "requires zero blemishes across the board."
• TSLA Morgan Stanley lowered the firm's price target on Tesla to $400 from $417 and keeps an Equal Weight rating on the shares. The firm views Tesla's accelerating capex cycle as "a necessary investment" to secure leadership in autonomy and robotics. However, these investments push free cash flow further into negative territory, increasing the focus on "tangible" robotaxi and Optimus milestones, the analyst tells investors.
• TXN Morgan Stanley analyst Joseph Moore raised the firm's price target on Texas Instruments to $255 from $230 and keeps an Underweight rating on the shares. TI reported "a solid quarter," but was up against heightened expectations going into the print, the analyst tells investors. However, the firm acknowledges the recent strength for TI and raises its calendar year 2026 and 2027 estimates by 9% and 11%, respectively, primarily on the stronger June quarter print, the analyst added.
• PM Morgan Stanley raised the firm's price target on Philip Morris to $215 from $200 and keeps an Overweight rating on the shares. Following the company's Q2 report, the firm is trimming its FY26 EPS view by about 1% due to forex, but raising its price target to reflect increased confidence in Philip Morris' mid-term growth rate, the analyst tells investors.
• T Morgan Stanley analyst Sean Diffley raised the firm's price target on AT&T to $27 from $25 and keeps an Overweight rating on the shares. Following strong results in both wireless and fiber, the analyst tells investors that AT&T is executing well in a still competitive communications market. The firm continues to believe the perceived risk of satellite in wireless is "greater than the actual risk," the analyst added.

• BP Piper Sandler analyst John Royall assumed coverage of BP with a Neutral rating and $42 price target. The firm notes BP is currently in something of a state of transition with a new CEO and recent changes at the management and board levels, a planned realignment/simplification of the business, and a temporary capital allocation strategy focused on net debt reduction, with the share buyback suspended for now. That said, the company has attractive medium- and long-term fundamental drivers such as unconventional growth from the BPX business, GoA in-flight project growth, and longer-term prospects such as the 100% owned 8B bbl Bumerangue resource in Brazil, Piper adds.
• CVX Piper Sandler assumed coverage of Chevron with an Overweight rating and $207 price target. The firm notes the company has cleared two major overhangs in its valuation over the past 12 months, each in its favor: the uncertainty around the ability to close the HES acquisition and the completion of the TCO FGP project. The company is also in the midst of an organic cash flow inflection, with ex-HES capex coming down, CFO improving from the new project startup, and loan repayment proceeds also rolling in this year, Piper adds.
• ARWR Piper Sandler analyst Edward Tenthoff raised the firm's price target on Arrowhead to $126 from $110 and keeps an Overweight rating on the shares. The Phase III SHASTA-3 and SHASTA-4 trials of REDEMPLO in SHTG met the primary endpoint with TG reductions of 79% and 81%, and significantly reduced the incidence of AP by 78%.

• GOOG Raymond James analyst Josh Beck lowered the firm's price target on Alphabet to $400 from $425 and keeps a Strong Buy rating on the shares. Google's results were largely in line with expectations, with YouTube and Cloud outperforming but Search slightly weaker and EBIT pressured by AI-related investments, while focus shifts to Gemini 4 performance and future model development, the analyst tells investors in a research note.

• EQNR RBC Capital upgraded Equinor to Sector Perform from Underperform with a price target of NOK 420, up from NOK 360. Disruptions in oil and gas markets provide a material tailwind for the sector, and Equinor looks set to benefit from a boom in commodity prices, while medium term capital allocation following the CMD is clearer than in the past, the analyst tells investors in a research note.

• KNX Stifel raised the firm's price target on Knight-Swift to $88 from $85 and keeps a Buy rating on the shares after the company reported Q2 adjusted EPS of 63c, which "materially" exceeded the firm's 48c estimate and the 51c Street consensus. Given the structural nature of industry capacity dynamics, the firm continues to see upside to mid-cycle earnings and valuation multiples, especially if demand continues to firm, the analyst tells investors.
• LVS Stifel analyst Steven Wieczynski lowered the firm's price target on Las Vegas Sands to $60 from $74 and keeps a Buy rating on the shares. Investor sentiment on this name is "as low as we can ever recall," says the analyst, who believe this will keep Las Vegas Sands' multiple depressed. While the firm doesn't expect a material turnaround in the promotional and marketing environment in Macau until 2027, it says it "can remain patient" given the belief that Las Vegas Sands' "pristine balance sheet" and undervalued Singapore asset "should both help keep a floor on the stock."

• LVS Susquehanna lowered the firm's price target on Las Vegas Sands to $63 from $64 and keeps a Positive rating on the shares. The firm noted shares traded lower in reaction to a Q2 miss but are now slightly lower as investors look tot he second half of the year where seasonality improves (April & June are seasonally softer, Macau opex trends begin to stabilize; and MBS likely regains its double digit volume growth in August.
• WAB Susquehanna raised the firm's price target on Wabtec to $340 from $305 and keeps a Positive rating on the shares. The firm updated its model following Q2 results and said the company maintains the highest level of visibility across their coverage, enough to warrant shifting their valuation framework out to 2028.

• NOW UBS lowered the firm's price target on ServiceNow to $110 from $115 and keeps a Neutral rating on the shares. ServiceNow's stable Q2 results and modest guidance increase support the post-earnings rebound, though underlying demand remains mixed and the beat is viewed as solid rather than a meaningful acceleration, the analyst tells investors in a research note.
• CAKE UBS raised the firm's price target on Cheesecake Factory to $60 from $53 and keeps a Sell rating on the shares. Cheesecake Factory is expected to deliver strong Q2 results with above-consensus same-store sales and potential guidance increases, though elevated expectations and valuation create risks around sustaining recent momentum, the analyst tells investors in a research note.

• TXN Wells Fargo raised the firm's price target on Texas Instruments to $310 from $300 and keeps an Equal Weight rating on the shares. While TI delivered a print / guide, shares are modestly down after hours as expectations into the print were relatively high, the firm notes. With auto showing signs of recovery, Wells continues to view cycle acceleration and ramping factory loading / gross margin as key driver of shares.
• MCO Wells Fargo raised the firm's price target on Moody's to $597 from $590 and keeps an Overweight rating on the shares. The firm notes the company delivered Q2 results well-ahead of Street expectations, though only slightly raised its EPS guidance, while maintaining its revenue guide due to a likely issuance pull-forward and an expectation for a wider issuance spread in the second half of 2026.
• NTRS Wells Fargo raised the firm's price target on Northern Trust to $194 from $189 and keeps an Equal Weight rating on the shares. The firm notes Northern's beat was driven by net interest income, provisions, strong capital markets-related fees and good institutional fees, mitigated by sluggish wealth. Given the beat and updated guide, Wells raises estimates and price target.
• CB Wells Fargo lowered the firm's price target on Chubb to $356 from $358 and keeps an Equal Weight rating on the shares. The firm notes shares underperformed reflective of the company having a mixed quarter with North America Commercial missing consensus on growth/margin and the removal of the double-digits around its EPS guide.
• AGNC Wells Fargo lowered the firm's price target on AGNC Investment to $11 from $12 and keeps an Overweight rating on the shares. Book value is about $8.49 in July, after increasing modestly in Q2, but less than the firm's estimate. Spreads have been relatively stable, in part due to the GSE purchase mandate, Wells adds.
• NLY Wells Fargo lowered the firm's price target on Annaly Capital to $24 from $25 and keeps an Overweight rating on the shares. The firm notes July TBV ticked down slightly and book value is essentially flat from Q1 levels - less than it projected.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

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

What’s on Tap Weekly Calendar

• Earnings After the Close: AGNC AMC BOKF CALX CCK HBCP MCRI RBB SFBS STLD WASH WRB WTFC ZION

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

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

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

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

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

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

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

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