Early Look

Thursday, September 3, 2026

U.S. futures are little changed overnight with the S&P looking to open little changed and the technology heavy Nasdaq futures looking slightly lower as AI semiconductor giant Broadcom (AVGO) shares fall overnight after earnings and guidance results. Another likely quiet trading day on tap on light volumes ahead of tomorrow’s nonfarm payroll report and then the 3 day Labor Day holiday weekend. Stocks closed higher on Wednesday as nine of eleven S&P sectors finished higher led by Materials and Communications. In Asian markets, The Nikkei Index dropped -111 points to 64,214, the Shanghai Index was little changed holding at 3,942, and the Hang Seng Index fell -97 points to 25,213. In Europe, the German DAX is down about -50 points to 25,790, while the FTSE 100 is up a few points to 10,759. Another big move for the Japanese Yen, strengthening against the U.S. Dollar by 1.44% to 156.43, to the best levels since early May amid recent sustained action to support the Yen and the prospect of further monetary tightening have lifted it from a multi-decade low in July. Treasury yields are holding steady after hitting multi year highs, while gold prices rebound and oil extends its weekly advance.

• The Dow Jones Industrial Average rose 295.07 points, or 0.56%, to 53,061.95
• The Nasdaq Composite gained 118.05 points, or 0.45%, to 26,217.83
• The Russell 2000 Index advanced 33.03 points, or 1.13% to 2,953.17

• 8:30 AM ET                   Weekly Jobless Claims…est. 205K
• 8:30 AM ET                   Continuing Claims…est. 1.79M
• 8:30 AM ET                   International Trade for July…est. (-$90.0B)
• 8:30 AM ET                   Nonfarm productivity for Q2…est. +1.4%
• 8:30 AM ET                   Unit Labor Costs for Q2…est. +1.3%
• 9:45 AM ET S&P Global Composite PMI, Aug-final
• 9:45 AM ET S&P Global Services PMI, Aug-final
• 10:00 AM ET ISM Non-Manufacturing PMI for August…est. 54.2
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AMBA AOUT ASAN BBCP CURV DOCU EGAN GWRE IOT LULU MAMA NX OXM PATH PL SWBI ZS

• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was 2.1% vs -11.5% last week. Bulls rise to 39.7% to from 32.9%, Neutrals rise to 22.7% from 22.6%, Bears fall to 37.6% to from 44.4%

• ChargePoint Holdings (CHPT) Q2 EPS ($1.35) vs est ($0.85) on revs $116.075Mm vs est $105.22Mm, gr mgn 36%; guides Q3 revs $105-115Mm vs est $109.29Mm.
• Costco Corp. (COST) August comparable sales U.S. up 9.0%, Canada up 4.0%, other int’l up 9.5%, total co up 8.4%; 16-Week 4Q sales of $93.9B, an increase of 11.3% compared to Net Sales of $84.4B y/y; net sales of $23.70B rose 9.9% y/y for the retail mo of Aug, the Four Weeks Ended Aug 30.
• Five Below (FIVE) Q2 adj EPS $1.68 vs est $1.39 on revs $1.26B vs est $1.22B; sees Q3 revs $1.21-1.23B vs est $1.145B and EPS $1.01-1.13 vs est $0.87; sees FY revs $5.63-5.71B vs est $5.544B and adj EPS $9.83-10.31 vs est $9.25; sees Q3 comps +8-10% and FY comps +10-12%.
• PVH Corp. (PVH) Q1 adj EPS $3.70 tops est. $3.08 and revs fell -3% y/y to $2.097B in-line with consensus; Q1 GAAP operating margin turned to a loss of 9.1%, including a $439M noncash goodwill impairment charge; Inventory slipped 3% to $1.74B; sees Q3 adj EPS $2.50-$2.65 vs. est. $2.99 and sees Q3 revenue down low-single digits y/y.
• Wayve and Uber (UBER) launch first-ever autonomous rides in the UK. British-built technology debuts on the Uber platform in London, marking the UK’s first Autonomous ride-hailing service

• Brady (BRC) Q4 adj EPS $1.48 vs $1.26 last year and Q4 revenue $436.8M vs $397.3M y/y; expects fiscal 2027 adjusted diluted EPS of $6.25 to $6.75; sees about $0.80 adjusted diluted EPS accretion from IPS, mostly in second half; expects IDS segment organic revenue growth of about 5% and IPS revenue of about $1.15B.
• Gold.com (GOLD) Q4 EPS $0.41 vs. est. $0.87, adj EBITDA $28.2Mm vs est $55.85Mm on revenue $5.005B vs. est. $5.67B, +99% YoY on acquisitions and gold prices; gross margin 2.2%; gross profit $110.3Mm; special dividend declared $1.00/share.
• Matrix Service (MTRX) Q4 adj EPS $0.16 vs. est. $0.20; Q4 revenue rose 13% y/y to $244.53M vs. est. $247.04M; Q4 Backlog at $953.2M, with $169M in new project awards including major mining project; said higher specialty storage activity drove increased revenue and gross margin in Storage and Terminal Solutions.
• Methode Electronics (MEI) Q1 adj EPS ($0.22) vs est ($0.20) on revs $265.4Mm vs est $237.98Mm.
• The Trump administration implemented tariffs of up to 100% on foreign drones as it seeks to hinder the Chinese drone industry and bolster domestic manufacturing, the New York Times' reported, citing the administration. A 100% tariff impacts drones that weigh over 55 pounds or use thermal imaging, the vast majority of which are made in China, while smaller drones have a tariff of 25% (watch shares of drone makers AVAV, DPRO, ONDS, RCAT, UMAC).

• Samsung Life is seeking to acquire a 15% stake in Principal Financial (PFG) the Korea Economic Daily reports.

• Petco Health (WOOF) Q2 EPS $0.13 vs. est. $0.07; Q2 revs $1.5B in-line with consensus; sees Q3 revenue growth 0.4%-1.0% from $1.46B last year, vs. consensus $1.48B; still sees FY26 revenue flat to up 1.5% from $5.96B in 2025 and still sees 2026 Adjusted EBITDA $415M-$430M.
• Phreesia (PHR) Q2 EPS $0.03 missed the $0.09 estimate; Q2 revs $129.5M vs. est. $129.1M; guides year revs $510M-$520M vs. est. $515M and Fy adj Ebitda $125M-$135M vs. est. $129.5M.
• Ultragenyx (RARE) shares tumble after saying Angelman syndrome study did not meet primary endpoint. The study did not achieve the primary endpoint of change from baseline in Bayley-4 cognitive raw score nor the key secondary endpoint of net response in Multidomain Responder Index.

• Hewlett Packard Enterprises (HPE) Q3 adj EPS $1.11 vs est $0.93 on revs $12.21B vs est $11.912B; guides Q4 revs $13.9-14.8B vs est $12.963B and adj EPS $1.20-1.30 vs est $1.07; sees FY FCF at least $3.75B and FY27 FCF at least $5B; Raises FY26 revenue growth outlook range to 34% to 37% from 29%-33%.
• NetApp Inc. (NTAP) Q1 revenue more than doubled to $2.025B vs est. $1.838B and Q1 adj EPS $2.58 vs est. $2.12; sees Q2 adjusted EPS $2.54-$2.64, vs. consensus $2.16 and sees Q2 revenue $2.025B-$2.175B above consensus $1.85B; Gross margin edged down 0.3 percentage points to 70.1%, even as gross profit climbed 29.2% to $1.42B
• Netskope (NTSK) shares rose after guiding Q2 ARR at $899M, rising 27% y/y growth and quarterly revenue reached $221M, rising 29% y/y; net retention rate was 114%; remaining performance obligations rose 36% y/y; Non-GAAP gross margin was 77%, up 2 percentage points y/y; non-GAAP operating margin improved 11 points to -9%.
• Snowflake (SNOW) shares jump on results; Q2 adj EPS $0.62 vs est $0.45 on revs $1.55B vs est $1.482B; sees Q3 revs $1.588-1.593B vs est $1.57B; guides FY revs $6.07B vs est $6.093B
• C3Ai.com (AI) Q1 adj EPS loss (-$0.20) vs. est. loss (-$0.25); Q1 sales fell -25.4% y/y to $52.37M vs. est. $52.11M; posted positive free cash flow and narrowed non-GAAP operating loss; guides Q2 revs $51M-$55M and FY revs to $210M-$240M with non-GAAP operating loss of (-$123M-$155M).

Mid-Morning Look

Thursday, September 03, 2026

U.S. stocks off to a strong start, particularly for the Nasdaq and S&P 500 as the U.S. dollar plunges and Treasury yields ease after economic data and Fed Waller comments. On of the bigger stories today was the U.S. dollar weakness against the Japanese yen, falling over 2% to below 156, extending its prior decline following economic data and to its lowest levels since late February as maybe seeing the early stages of carry trade unwind. Gold extended gains rising 2.3%, buoyed by a drop in the U.S. dollar and Treasury yields, as investors awaited key payrolls data that could tip the scales on expectations for a Federal Reserve rate hike this month. Comments by Federal Reserve Governor Christopher Waller saying that if upcoming data confirms that inflation pressures are cooling off, he is inclined to argue in favor of keeping interest rates steady at the U.S. central bank's next policy meeting helped metals as well.

A few sectors active on earnings results with the software sector getting a bounce behind results/guidance from SNOW last night which sent share sup more than 20%; at the same time, semiconductors pulled back after AVGO reported better quarterly results, but next quarter revenues and margins came in below consensus. Retail a focus with big movers on earnings (FIVE, VSXY, PVH, WOOF) while food related names slide behind weaker results/guidance from CPB and TSN. Financials (XLF) back near all-time highs rising on the day. The broader market has a bigger problem in rising bond yields as the 10-year Treasury yield is creeping higher again. Oil prices hovered near six-week highs after fresh U.S. strikes on Iran and renewed Israeli threats against Tehran heightened concerns about disruptions. Both benchmarks are up more than 10% on the week following fresh strikes between the U.S. and Iran.

• ISM non-manufacturing sector shows PMI 55.4 in August (consensus 54.2) vs 54.1 in July; ISM non-manufacturing business activity index 61.7 in August vs 59.1 in July; ISM non-manufacturing new orders index 60.9 (3 ½ year highs) in August vs 57.2 in July; prices paid index 72.6 in August vs 70.3 in July and employment index 47.8 in August vs 47.4 in July.
• Weekly Jobless Claims climbed to 206,000 from 204,000 last week and vs. consensus 205,000; the 4-week moving average climbed to 207,250 from 205,750 prior week (previous 205,500); continued claims climbed to 1.779M from 1.771M prior week and vs. consensus 1.790M.
• The U.S. trade deficit widened sharply in July as strong domestic demand boosted imports, positioning trade to exert another drag on economic growth in the third quarter. The trade shortfall increased 24.4% to (-$88.6 billion) vs. economists forecast the deficit at (-$90.0 billion); July exports -2.1% vs June -0.8%, imports +2.8% vs June -1.8%. U.S. July exports $310.72B vs June $317.34B, imports $399.30B vs June $388.52B.

• Drone stocks move higher early (DPRO, ONDS, RCAT, UMAC) after the NY Times reported the Trump administration puts tariffs of up to 100% on foreign-made drones. In addition, the F.C.C. is weighing stiff restrictions on common drone technology such as thermal Imaging and aerosol spraying.
• Metals & Mining sector: gold and silver miners (AEM, NEM, AG, FSM, HL, CDE, WPM, etc.) saw sizeable gains again today in another bounce as gold/silver prices jumped following more dovish commentary from Fed’s Waller at a Reuters event today saying he is willing to sit and wait and be patient regarding rates.
• Software sector: SNOW shares a standout to the upside, surging for a second quarter in a row following better results as EPS of $0.62/$1.55B revs (vs. consensus $0.45/$1.48B), up 35% Y/y versus 33% last quarter, product revenue of $1.49B up 37% Y/y (accelerated by ~300bps Q/Q) with cRPO of $4.91B (consensus 4.75B), growth of ~42% versus 38% last quarter; and better guidance as raised for the year well in-excess of the 2Q beat. The results boosting the software sector broadly again today after a strong earnings season (TEAM, NOW, DDOG, MNDY, HUBS higher).

• FIVE +5%; posted their 5th straight qtr of double-digit comps, with a 14.1% comp vs. 13.0%E as the growth was almost entirely driven by transactions and occurred across cohorts, geographies and categories; sees FY revs $5.63-5.71B vs est $5.544B and adj EPS $9.83-10.31 vs est $9.25.
• HCM +13%; after signing a licensing deal with GSK for an experimental solid tumor drug; GSK will pay a unit of HUTCHMED (China) $110 million upfront for rights to an experimental drug for solid tumors.
• NTSK +3%; reported solid Q2 results with 27% y/y ARR growth ahead of consensus expectations as the ARR/revenue beat came in higher relative to last quarter. Looking ahead, FY/27 revenue guidance moved higher than the Q2 beat reflecting 25.5% growth vs. 24% previously.
• SNOW +21%; following better results as EPS of $0.62/$1.55B revs (vs. consensus $0.45/$1.48B), up 35% Y/y versus 33% last quarter, product revenue of $1.49B up 37% Y/y (accelerated by ~300bps Q/Q) with cRPO of $4.91B (consensus 4.75B), growth of ~42% versus 38% last quarter; and better guidance as raised for the year.

• AVGO -6%; reported solid Q3 results and provided mixed Q4 guidance while Ai guidance for FY27 was increased to $115B vs $100B prior and expected to double again in FY28 to $230B equating to 10GW and 20GW respectively; shares fell on Q4 rev guidance which came in at $34.8B vs. $35.03B estimate and margins 66% vs. est. 66.5%.
• CIEN -11%; raises FY26 revenue view to $6.42B plus/minus $50M from $6.3B (vs. consensus $6.33B) and guides Q4 revs above consensus; reported better-than-expected results as earned an adj EPS $2.11 and revenue jumped 37% y/y to $1.67B (vs. est. $1.73 and $1.64B). Optical networking revenue came in at $1.19B.
• CPB -9%; posted in-line Q4 EPS of $0.39 and sales $2.1B vs. est. $2.14B; the company cut its Q4 dividend to $0.25 from $0.39 to speed up debt reduction; forecasts annual sales below estimates on weak consumer spending as sees 2027 net sales to fall between -2% and 4%, vs. est. -0.8%.
• MEI -12%; as Q1 sales rose 10%, beating analyst expectations, while adjusted EBITDA fell yr/yr as lost contribution from the divested dataMate business and investments in talent and capabilities offset higher sales; company affirmed fiscal 2027 guidance.
• MRNA -3%; was downgraded to Sell at Redburn while raise tgt to $81 from $40 saying views the Phase 3 INTerpath-001 trial of intismeran autogene plus Keytruda as a "great result" -  but notes the subsequent share price reaction implies a near ubiquitous usage across tumor types for which Redburn has seen little or no data.
• PHR -4%; reported 2Q revenue/EBITDA were 0.3%/7.2% ahead of consensus on strong cost control. Despite the EBITDA beat, management held FY guidance flat (in line with Street at midpoints) to accelerate 2H investment in the burgeoning ProviderConnect and AccessOne opportunities
• PSNY -14%; cut its full-year delivery forecast, hurt by the U.S. crackdown on Chinese-linked vehicles that forced it out of the United States, as now expects its annual volume growth to be low-to-mid single-digit, from a previous forecast of low double-digit growth.
• RARE -46%; after its neurodevelopmental disorder treatment, apazunersen, failed to meet both its main goal of improving cognitive skills and its secondary goals of overall patient response in participants with Angelman syndrome, a rare nervous system condition.
• TSN -7%; as cuts its FY26 revenue view to up 1.5%-2% from up 2.5%-3.5%, primarily driven by significant margin compression amid volatile cattle prices and one of the most severe cattle shortages in U.S. history, as well as the expected impact of lower cattle prices on the value of live cattle inventories.
• VSXY -12%; posted mixed Q2 results as EPS $0.95 topped the $0.77 estimate and sales of $1.61B rose 10% y/y but just missed consensus and same store sales rose 9% (in-line with ests); forecast sales of $1.57B-$1.6B in Q3 vs. est. $1.57B and raised its year sales view to $7.1B-$7.18B from prior $7.03B-$7.13B.

Closing Recap

Thursday, September 03, 2026

US equity futures were pretty much flat coming out of overnight with many traders already away ahead of the holiday weekend.  Earnings continued to wind down with last night's results pushing SNOW, CHPT and WOOF higher as the big winners, while NTAP, PHR, and AVGO all retreated.  Pre-market comments from the Fed’s Waller were bullish for Fed watchers and the market carried early gains into the open.  By mid-morning, equities were holding in positive territory with breadth favoring advancers by 15:8 as small caps underperformed with IWM (+0.25%) versus SPY (+0.60%) and QQQ (+0.75%).  Both SPY and QQQ breadth favored advancers by 11:8. On a sector basis, Consumer Discretionary (+1.29%), Financials (+0.98%) and Technology (+0.75%) were early outperformers among S&P sector ETFs, while Materials (-0.21%), Health Care (-0.28%) and Consumer Staples (-0.30%) led the underperformers with 8 sectors gaining versus 3 declining.

In sentiment today, some mixed signals: the weekly bull-bear spread jumped to 2.1% from -11.5% last week as bulls rose from 32.9% to $39.7% while bears slid from 44.4% to $37.6%.  That said, today’s Fear & Greed Index remained in the Fear range at 35/100 versus 55 (Neutral) last week and 50 (Neutral) last month.

Trying to finish a quiet positive day, stocks entered the last hour with solid gains.  Next week, post-holiday, begins the next round of conference season.  With many companies having just reported earnings, it tends to be more an opportunity for investors to meet with management than a period of big announcements, but surprises do emerge so better to be in the know.  We also progress into the historically concerning September/October market window complete with a Fed meeting as investors’ next focal point.  Something for everyone.

Stat of the day: @KobeissiLetter noted on X, “Since 1928, the S&P 500 has fallen ~55% of the time in September, making it the only month of the year when negative returns have occurred more often than positive returns. Over this period, the average return of the index has been -1.1%, with an average drawdown of -4.7%. Furthermore, the best September recorded a +14.4% gain, while the worst saw a -29.9% decline. The weakness has historically been concentrated later in the month, with the second half of September averaging a -0.9% return, making it the weakest 2-week period of the year.”

• ISM non-manufacturing sector shows PMI 55.4 in Aug (consensus 54.2) vs 54.1 in July; ISM non-manufacturing business activity index 61.7 in August vs 59.1 in July; ISM non-manufacturing new orders index 60.9 (3 ½ year highs) in August vs 57.2 in July; prices paid index 72.6 in Aug vs 70.3 in July; employment index 47.8 in August vs 47.4 in July.
• Weekly Jobless Claims climbed to 206,000 from 204,000 last week and vs. consensus 205,000; the 4-week moving average climbed to 207,250 from 205,750 prior week (previous 205,500); continued claims climbed to 1.779M from 1.771M prior week and vs. consensus 1.790M.
• The U.S. trade deficit widened sharply in July as strong domestic demand boosted imports, positioning trade to exert another drag on economic growth in the third quarter. The trade shortfall increased 24.4% to (-$88.6 billion) vs. economists forecast the deficit at (-$90.0 billion); July exports -2.1% vs June -0.8%, imports +2.8% vs June -1.8%. U.S. July exports $310.72B vs June $317.34B, imports $399.30B vs June $388.52B.

• WTI crude futures gained overnight then eased intraday.  No major headlines came out of Iran, Israel or the US on the ongoing conflict or resolution over the Strait of Hormuz.  Iran's Minister of Oil did state a significant portion of the damage to energy facilities from the two recent wars had been repaired, but that isn’t particularly market moving.  October WTI crude settled +$0.29/bbl, or just +0.32%, at $91.30. Average U.S. diesel prices hit $5.820 a gallon on Thursday, a new record, according to GasBuddy data, beating the previous high of $5.819 a gallon recorded on June 17, 2026.

• COST reported August comp store sales (ex-gas/FX) of +5.4%, behind consensus at +6.1% and decelerating from +6.6% in July. US comps (ex-gas) came in at +5.6%, behind consensus at +6.0% and vs. +6.9% in July.
• DLTH surges after reporting Q2 adj EPS of $0.50 on sales of $121.4M (down -8% y/y), with full-year revenue guidance of $540M–$560M; results include $16.3M in tariff refunds boosting adjusted EBITDA to $27M.
• FIVE posted their 5th straight qtr of double-digit comps, with a 14.1% comp vs. 13.0%E as the growth was almost entirely driven by transactions and occurred across cohorts, geographies and categories; sees FY revs $5.63-5.71B vs est $5.544B and adj EPS $9.83-10.31 vs est $9.25.
• GCO posted a smaller-than-expected Q2 adj EPS loss of (-$0.83) vs. est. (-$1.37) while Q2 revs of $520M was just better than consensus; also raises FY27 adj EPS outlook to high end of $2.00-$2.40 range (est. $2.25), expects FY27 comparable sales to be flat, versus prior view of up 1%-2% and sales down about 2%, vs. prior flat to down 1% view.
• LE reports Q2 revenue of $302.0M and adjusted EPS of $0.09, guiding full-year revenue to $1.300B–$1.350B and adjusted EPS of $0.44–$0.72 as core U.S. e-commerce and Outfitters operations return to normal levels
• PVH mixed results and weaker guide; Q1 adj EPS $3.70 tops est. $3.08 while revs fell -3% Y/y to $2.097B in-line with consensus; Q1 GAAP operating margin turned to a loss of 9.1%, including a $439M noncash goodwill impairment charge; sees Q3 adj EPS $2.50-$2.65 vs. est. $2.99  and sees Q3 revenue down low-single digits Y/y.
• TLYS shares jumped on results as Q2 sales rose 8.1% y/y to $163.5M vs. est. $157M and comp net sales increased 12.1%, marking fourth straight quarter of y/y growth; also issues better Q3 guidance as sees net sales of $150M-$155M (est. $140M) and comparable sales growth of 10%-14%.
• VSXY posted mixed Q2 results as EPS $0.95 topped the $0.77 estimate and sales of $1.61B rose 10% y/y but just missed consensus and same store sales rose 9% (in-line with ests); forecast sales of $1.57B-$1.6B in Q3 vs. est. $1.57B and raised its year sales view to $7.1B-$7.18B from prior $7.03B-$7.13B

• Poultry/Protein/Beef sector: TSN shares fell after cutting its FY26 revenue view to up 1.5%-2% from up 2.5%-3.5%, primarily driven by significant margin compression amid volatile cattle prices and one of the most severe cattle shortages in U.S. history, as well as the expected impact of lower cattle prices on the value of Live cattle inventories; also cut its FY26 adjusted operating income view to $1.85B-$2.05B from prior $2.1B-$2.3B.

• Casinos & Gaming: Bank America does online betting details (DKNG, FLUT, SRAD): Bofa said online betting adoption is skyrocketing as data shows new users in June & July more than tripled January levels. Youth movement: Gen Z & Millennials accounted for 88% of all online betting activity in July.

• Metals & Mining sector: gold and silver miners (AEM, NEM, AG, FSM, HL, CDE, WPM, etc.) saw sizeable gains again today in another bounce as gold/silver prices jumped following more dovish commentary from Fed’s Waller at a Reuters event today saying he is willing to sit and wait and be patient regarding rates.
• Materials sector: in lithium space, ALB said it appointed Ragnar Udd, currently Chief Commercial Officer at BHP, as its new President and CEO, effective February 1, succeeding Chairman and CEO Kent Masters, who will transition to the role of Executive Chairman; Gerald Steiner will continue to serve as Lead Independent Director.
• Defense sector: in drones, the Trump administration imposes tariffs of up to 100% on foreign-made drones as the FCC weighs restrictions on thermal imaging and aerosol-spraying technology, lifting AVAV, DPRO, KTOS and others
• Aerospace sector: Airbus (EADSY) discovered a production quality problem with an A330 jetliner, forcing it to slow deliveries over the summer, it said. Deliveries have resumed after the "isolated quality issue" was discovered on the horizontal tail plane of an A330 jet before delivery, Airbus said, confirming a Bloomberg report.

• In Insurance: PFG shares edged higher after reports that Samsung Fire & Marine Insurance and Samsung Life Insurance are seeking to acquire Canopius and a major stake in Principal Financial Group, respectively, in deals collectively valued at $6.6 billion.
• Private Equity sector: BX shares were active after investors sought to pull 10% of shares from Blackstone's flagship private credit fund in the third quarter, according to a regulatory filing. In Q2 fulfilled about half of $4.5B requested for repurchase leaving backlog of $2.3B in unfulfilled requests.

• HCM shares rose after signed a licensing deal with GSK for an experimental solid tumor drug; GSK will pay a unit of HUTCHMED (China) $110 million upfront for rights to an experimental drug for solid tumors.
• MRNA was downgraded to Sell at Redburn while raise tgt to $81 from $40 saying as views the Phase 3 INTerpath-001 trial of intismeran autogene plus Keytruda in patients with completely resected stage IIB-IV melanoma as a "great result" -  but notes the subsequent share price reaction implies a near ubiquitous usage across tumor types for which Redburn has seen little or no data which it Struggles to reconcile.
• RARE shares tumbled after its neurodevelopmental disorder treatment, apazunersen, failed to meet both its main goal of improving cognitive skills and its secondary goals of overall patient response in participants with Angelman syndrome, a rare nervous system condition. Ultragenyx said there were no differences between patients receiving the treatment and those on placebo.
• SMMT said its partner Akeso Inc. announced positive overall survival (OS) results from the randomized, double-blind Phase III HARMONi-2 study evaluating ivonescimab monotherapy against pembrolizumab monotherapy in patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) whose tumors have positive PD-L1 expression.
• Healthcare IT sector: PHR reported 2Q revenue/EBITDA were 0.3%/7.2% ahead of consensus on strong cost control. Despite the EBITDA beat, management held FY guidance flat (in line with Street at midpoints) to accelerate 2H investment in the burgeoning ProviderConnect and AccessOne opportunities.
• Medtech sector: BSX issued letter to affected customers recommending unused infinion cx leads be removed from where they are used/sold; Boston Scientific reported 1,081 serious injuries and no deaths Associated with issue related to infinion cx leads.

• SAIA reported LTL shipment and tonnage data for the first two months of Q3. In July 2026, LTL shipments per workday increased 0.8%, LTL tonnage per workday increased 7.8% and LTL weight per shipment increased 7.0%, each compared to July 2025. In August 2026, LTL shipments per workday increased 1.1%, LTL tonnage per workday increased 8.7% and LTL weight per shipment increased 7.5%, each compared to August 2025.

• Software sector: SNOW shares a standout to the upside, surging for a second quarter in a row following better results as EPS of $0.62/$1.55B revs (vs. consensus $0.45/$1.48B), up 35% Y/y versus 33% last quarter, product revenue of $1.49B up 37% Y/y (accelerated by ~300bps Q/Q) with cRPO of $4.91B (consensus 4.75B), growth of ~42% versus 38% last quarter; and better guidance as raised for the year well in-excess of the 2Q beat. The results boosting the software sector broadly again today after a strong earnings season (TEAM, NOW, DDOG, MNDY, HUBS higher). Gaming software Unity (U) shares rose tied to the OpenAI blog FWIW: "Playco is using GPT‑6 Astra in building Playbot, an Ai-powered IDE for professional game developers. It connects directly to engines such as Unity and Godot so Ai models can edit scenes, play and test games, validate changes., and work in parallel inside the Tools developers already use.”
• AI sector: NVDA announced that it will acquire open-source AI platform Hugging Face for $12.93 billion. A massive validation of open-source AI, by a chip design giant known for its work with closed-model companies like Anthropic and OpenAI. It also comes just a month after Hugging Face was hacked by OpenAI models gone rogue. AI cloud firm Nscale on Thursday signed a multi-year deal to provide compute resources for the development of humanoid robotics company Figure's AI models and robots. Nscale said it will initially commit $3.5 billion in compute resources for Figure. Here are some key details: Initial graphics processing units (GPUs) are targeted for deployment starting in the second half of 2027 in Barstow, Texas, Nscale said. The AI cloud firm, which competes with CRWV and NBIS, plans to scale the computing investment to more than $6 billion. Thinking Machines Lab In talks to raise billions at roughly $40B Valuation, reported The Information.
• Security Software sector: NTSK reported solid Q2 results with 27% y/y ARR growth ahead of consensus expectations as the ARR/revenue beat came in higher relative to last quarter. Looking ahead, FY/27 revenue guidance moved higher than the Q2 beat reflecting 25.5% growth vs. 24% previously.
• Optical sector: CIEN shares fell despite raising FY26 revenue view to $6.42B plus/minus $50M from $6.3B (vs. consensus $6.33B) and guides Q4 revs above consensus; reported better-than-expected results as earned an adj EPS $2.11 and revenue jumped 37% y/y to $1.67B (vs. est. $1.73 and $1.64B). Optical networking revenue came in at $1.19B, while routing and switching revenue rose 9.8% to $164.4M – optical space weak AAOI, LITE, COHR.
• Computer Hardware sector: a day after DELL earnings/guidance surged and lifted shares broadly higher, comp HPE earnings of $1.11 beat consensus and guidance driven by a Cloud & AI revenue beat & better than expected Cloud & AI EBIT margins. Order growth (+42% this quarter) is meaningfully outpacing (pro forma) revenue growth (mid-teens), building backlog and elevated visibility five quarters out.
• Online/Internet: Guggenheim said for RDDT, August global audience reach increased 20.8% (vs. +17.0% in July) with domestic growth of 7.2% (vs. +11.1% in July). Similarweb unique traffic data saw growth deceleration on a global basis with GUGG's tracking of Google search traffic showing continued softness in August. Average daily Google traffic of 70.8mm compares to 75.1mm in July and Marks the lowest Google traffic month since November 2024. Global Google traffic decreased 7.2% Y/y in August following 0.5% growth in July.
• Ad technology: Bloomberg reported late yesterday Alphabet’s GOOGL won’t be forced to sell its online exchange tool for publishers and advertisers, after all. Federal Judge Leonie Brinkema in Virginia dismissed the Trump administration’s move to force that sale. Last year, she ruled that Google violated illegally maintained a monopoly in how ads show up on websites (shares of MGNI, TTD, PUBM levered to the news).

Street Recommendations

Thursday, September 3, 2026

• NTAP Barclays raised the firm's price target on NetApp to $219 from $199 and keeps an Overweight rating on the shares. The company reported a solid start to fiscal 2027 with broad-based growth and margin expansion the analyst tells investors in a research note. The firm views NetApp's outlook as conservative.
• SNOW Barclays raised the firm's price target on Snowflake to $384 from $332 and keeps an Equal Weight rating on the shares. The firm sees the shares moving higher post the Q2 report. Snowflake's AI-driven acceleration continues, the analyst tells investors in a research note. Barclays sees Snowflake's positive sentiment gains continuing.
• FLNC Barclays downgraded Fluence Energy to Underweight from Equal Weight with a price target of $10, down from $16. The firm sees a "growing disconnect" between the company's backlog and near-term earnings realization. While storage demand remains strong, execution delays, rising capital needs, and liquidity deterioration create "meaningful downside risk" to Fluence's fiscal 2027 estimates, the analyst tells investors in a research note. Barclays believes consensus estimates overstate the timing and magnitude of the earnings realization of the company's backlog.
• PCG Barclays lowered the firm's price target on PG&E to $18 from $23 and keeps an Overweight rating on the shares following the business update. The firm expects data points this fall on California's special session. PG&E's strategic review is different than the industry norm given the strength of its balance sheet, the analyst tells investors in a research note. Barclays, however, says the review elongates PG&E's catalyst path and introduces uncertainty.

• AVGO BofA lowered the firm's price target on Broadcom to $460 from $530 and keeps a Buy rating on the shares. Following the company's earnings report, the firm raised its FY27 pro-forma EPS estimate by 4% to $18.61 and FY28 forecast by 32% to $$31.12, but lowered its multiple on recent contraction in sector multiples, driving its lowered price target.
• FIVE BofA raised the firm's price target on Five Below to $340 from $305 and keeps a Buy rating on the shares. Broad-based growth was driven by transaction momentum, says the analyst, who raised FY28 EPS estimates on the belief that key merchant led initiatives and marketing initiatives should drive traffic.
• HPE BofA raised the firm's price target on HPE to $88 from $82 and keeps a Buy rating on the shares. HPE reported a "strong" fiscal Q3, delivered revenue and EPS above guidance, and reported record orders and backlog as demand continues to outpace supply, the analyst tells investors. Multi-year supply commitments and orders ahead of revenue give the firm "conviction that FY27 estimates retain upward bias," the analyst added.
• SNOW BofA raised the firm's price target on Snowflake to $470 from $395 and keeps a Buy rating on the shares. The key debate into the print was whether product revenue could keep accelerating, says the analyst, who notes that it did and fiscal Q3 guidance implies further acceleration.
• NTAP BofA analyst Wamsi Mohan lowered the firm's price target on NetApp to $200 from $206 and keeps a Neutral rating on the shares. NetApp reported "strong" fiscal Q1 results and strength was broad-based across products, customer sizes and geographies, the analyst tells investors. Near-term headwinds from component cost increases and lower gross margins are offset by long-term mix shift to flash and public cloud revenues, the analyst added.
• OLLI BofA lowered the firm's price target on Ollie's Bargain Outlet to $105 from $115 and keeps a Buy rating on the shares. "Disappointing" sales in Q2 were offset by gross margin expansion due to tariff refunds, says the analyst, who is raising the firm's FY26 EPS estimate by 2% to flow through the Q2 beat, but applying a lower multiple to reflect a more challenging macro environment.

• TEAM BTIG raised the firm's price target on Atlassian to $230 from $180 and keeps a Buy rating on the shares. The company has detailed how it is evolving its usage-based pricing model, with meters going live on December 3, the analyst tells investors in a research note. BTIG adds it is calculating a modestly larger tailwind than last year's Cloud pricing increase.
• SNOW BTIG raised the firm's price target on Snowflake to $424 from $340 and keeps a Buy rating on the shares. The company posted exceptional Q2 results and raised its top-line outlook for FY27, the analyst tells investors in a research note. calculate a modestly larger tailwind than last year's Cloud pricing increase, the analyst tells investors in a research note. Snowflake's $74M product revenue beat relative to the midpoint of guidance also marks the largest relative beat in company history, the firm added.

• RARE Canaccord lowered the firm's price target on Ultragenyx to $37 from $83 and keeps a Buy rating on the shares. The firm updated its model after the company announced that the Ph3 Aspire study of GTX-102 (apazunersen) in Angelman syndrome missed both the primary endpoint of change from baseline in Bayley-4 cognitive raw score and the key secondary endpoint of net response on the MDRI.
• SNOW Canaccord analyst Kingsley Crane raised the firm's price target on Snowflake to $450 from $325 and keeps a Buy rating on the shares. The firm said Snowflake's Q2 materially strengthens their confidence that the reacceleration is becoming a durable consumption cycle rather than a one-quarter AI surge. The key change in the debate coming out of Q2, is that direct AI monetization and core consumption are now reinforcing each other.

• SNOW Citi analyst Tyler Radke raised the firm's price target on Snowflake to $490 from $395 and keeps a Buy rating on the shares. The company's fiscal Q2 report supports the "AI-driven flywheel thesis," the analyst tells investors in a research note. Citi upped Snowflake's estimates following the earnings print.
• RARE Citi analyst Yigal Nochomovitz lowered the firm's price target on Ultragenyx to $28 from $58 and keeps a Buy rating on the shares after the GTX-102 Aspire study missed both the primary and secondary endpoint. Citi removed GTX-102 from the company's model. It keeps a Buy rating, saying today's selloff creates an opportunity.
• OKE Citi raised the firm's price target on Oneok to $108 from $97 and keeps a Buy rating on the shares. The firm cites the Brazos Midland acquisition and financing agreement with Apollo for the target boost. Citi now sees a "clearer path" for Oneok achieving its targeted mid-high single-digit growth target over the medium term.

• UEC Jefferies analyst Laurence Alexander initiated coverage of Uranium Energy with a Hold rating and $11.50 price target. The company offers exposure to the U.S. uranium re-shoring story, the analyst tells investors in a research note. The firm says Uranium Energy is positioned as a "long-dated option" on the re-shoring of the uranium supply chain. However, Jefferies believes the company's licensing, site selection, capital raising, and securing utility commitments add uncertainty and execution risk.
• LEU Jefferies initiated coverage of Centrus Energy with a Hold rating and $169 price target. The company offers "long-dated optionality" on the U.S. nuclear fuel supply rebuild without taking reactor construction risk, the analyst tells investors in a research note. However, Jefferies believes the shares are already pricing in a successful ramp by 2030.
• EU Jefferies analyst Laurence Alexander initiated coverage of EnCore Energy with a Buy rating and $1.44 price target. The company offers exposure to U.S. uranium supply security, the analyst tells investors in a research note. The firm believes higher prices will likely fund EnCore's scaling up in production, once permits fall into place. It cites domestic uranium scarcity, policy support for Western-aligned fuel supply, and the company's owned processing footprint for the Buy rating.
• CCJ Jefferies initiated coverage of Cameco with a Buy rating and $138 price target. The company is a prime beneficiary of the West's nuclear build-out, the analyst tells investors in a research note. The firm says over 30 countries have pledged to triple capacity by 2050 while hyperscalers are contracting baseload for AI as electricity demand accelerates. As one of the largest global providers of the uranium fuel, Cameco is well positioned to secure higher contract prices into at least the end of the decade, contends Jefferies.
• MIR Jefferies initiated coverage of Mirion with a Buy rating and $20 price target. Mirion is one of the most direct ways to gain exposure to accelerating nuclear investment, the analyst tells investors in a research note. The firm says the company's radiation detection and management solutions are in every nuclear facility globally. The company has a recurring revenue base that is benefiting from plant life extensions, uprates and modernization, contends Jefferies.
• NXE Jefferies analyst Daniel Roden initiated coverage of NexGen Energy with a Buy rating and C$21 price target. The company has of the world's largest undeveloped high-grade uranium projects in Saskatchewan's Athabasca, the analyst tells investors in a research note. The firm says NexGen offers "differentiated exposure" to uranium, which it views as a core sector holding.
• DNN Jefferies initiated coverage of Denison Mines with a Buy rating and C$5.20 price target. Denison is a uranium exploration, development, and mining company focused on advancing high-grade assets in the Athabasca Basin, the analyst tells investors in a research note. The firm says Denison is positioned to be one of the lowest cost uranium producers globally. It expects the shares to "discount fly-up scenarios" in 2027 to 2030.

• CPRT JPMorgan analyst Jash Patwa upgraded Copart to Overweight from Neutral with a price target of $40, up from $32. The firm cites recent news flow around a potential acquisition and its "encouraging" salvage industry channel checks for the upgrade. Web scraping data indicating a pickup in Copart's share across a handful of states with a certain carrier, the analyst tells investors in a research note. JPMorgan says the collision cycle is also turning more favorable, as insurance penetration gradually starts to recover and an elevated mix of self-pay repairs begins to unwind.
• NVST JPMorgan upgraded Envista to Overweight from Neutral with a price target of $32, up from $29, into the investor day on September 17. The firm believes the company is entering the event with improved execution, a more durable organic growth algorithm, and a valuation "that has not fully kept pace with strengthening fundamentals." Envista management will likely offer a medium-term core growth framework modestly above the prior 2%-4% range, the analyst tells investors in a research note. Envista is in a stronger position than it was going into its last investor day, contends the firm.

• SNOW Morgan Stanley analyst Sanjit Singh raised the firm's price target on Snowflake to $470 from $300 and keeps an Overweight rating on the shares. Growth accelerated for the third quarter in a row, "clearing an already high bar," the analyst tells investors. Strength was broad-based, with management attributing about 50% of the product revenue acceleration to AI products and the balance to the core platform, the analyst noted.

• OLLI Piper Sandler analyst Peter Keith lowered the firm's price target on Ollie's Bargain Outlet to $100 from $113 and keeps an Overweight rating on the shares following Q2 results, which saw a full year comp/sales guide-down. The second half of the year comparable sales outlook was taken down to 0% to up 1%. For Q3 specifically, Ollie's is guiding for flat comp.
• HPE Piper Sandler analyst James Fish lowered the firm's price target on HPE to $57 from $63 and keeps a Neutral rating on the shares. While HPE is messaging that it is supply-constrained and there were multiple large wins, the firm believes the business is less exposed to where the end-markets are seeing strength, and there are concerns around peaking revenue and margins given guide.

• PCG Truist downgraded PG&E to Hold from Buy with a price target of $17, down from $21. Potential legislative changes in California represent a "largely binary event this session," the analyst tells investors in a research note. The firm says an unfavorable resolution to industry wildfire issues absent a special session has lowered its confidence in the path forward. Truist cites this dynamic as well as PG&E's new strategic review uncertainty for the downgrade.
• EIX Truist lowered the firm's price target on Edison International to $63 from $77 and keeps a Hold rating on the shares. Potential legislative changes in California represent a "largely binary event this session," the analyst tells investors in a research note. The firm says an unfavorable resolution to industry wildfire issues absent a special session has lowered its confidence in the path forward
• SRE Truist analyst Richard Sunderland lowered the firm's price target on Sempra Energy to $96 from $100 and keeps a Buy rating on the shares. Potential legislative changes in California represent a "largely binary event this session," the analyst tells investors in a research note. The firm says an unfavorable resolution to industry wildfire issues absent a special session has lowered its confidence in the path forward

• ON Wells Fargo lowered the firm's price target on On Semi to $95 from $110 and keeps an Overweight rating on the shares. Recent share underperformance creates an interesting risk / reward into On Semi's September 16 A-day, the firm says. Wells likes the setup as it thinks a reasonable 2030 target model and positive data center overview / update could drive shares higher.
• FIVE Wells Fargo raised the firm's price target on Five Below to $295 from $260 and keeps an Overweight rating on the shares. The firm says that a stellar Q2 has Five Below winning the narrative tug of war between robust fundamentals and hard compares. While the history of slowing comparable sales stories is notable, additional beats still seem likely and the growth profile is one of the best in consumer, Wells adds.
• NTAP Wells Fargo raised the firm's price target on NetApp to $190 from $180 and keeps an Equal Weight rating on the shares. The firm notes the company delivered solid results and guide, which should instill confidence in the overall storage demand backdrop. However, Wells believes the implied deceleration in the second half of 2027 plus gross margin guide downtick and questions over extent of pull-forward is pressuring shares.
• PHR Wells Fargo raised the firm's price target on Phreesia to $10 from $9 and keeps an Equal Weight rating on the shares. The firm notes Q2 was largely as expected, with unchanged FY27 guide. Wells says Network was a highlight with 9% year-over-year growth with ProviderConnect pilot driving 4% Rx lift in a GLP-1 campaign, yielding follow-on business per management, but sees Subs pressure likely to remain a near term overhang.
• HPE Wells Fargo analyst Aaron Rakers lowered the firm's price target on HPE to $54 from $67 and keeps an Equal Weight rating on the shares. The firm sees HPE reaction despite strong results as reasonable given year-to-date performance. Wells sees focus shifting to upside path to up $5/share.
• CVX Wells Fargo raised the firm's price target on Chevron to $230 from $226 and keeps an Overweight rating on the shares. The firm notes the company announced expansion of its JV in Venezuela. Wells updates its model and notes Chevron's increasingly differentiates post-2030 resource position, of which Venezuela is a potentially growing contributor over time.
• AMZN Wells Fargo analyst Ken Gawrelski raised the firm's price target on Amazon.com to $338 from $328 and keeps an Overweight rating on the shares. AWS margin and Bedrock analysis yields 4%-6% upward revisions to AWS OI estimates in 2026-2028, the firm says. Combined with well-above-consensus AWS revenue estimates, Wells now sits 9% / 12% above consensus AWS operating income in 2027 / 2028. The firm expects the positive revision story to continue.
• SNOW Wells Fargo raised the firm's price target on Snowflake to $525 from $500 and keeps an Overweight rating on the shares. The firm says the company's results and guide prove an inflection in consumption due to AI. Snowflake warrants a premium multiple as it is a rare AI beneficiary without capital expenditure requirements or model dependence, with reaccelerating near-term growth.

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

• 10:30 AM ET                 Dallas Fed Manufacturing for August

• Earnings After the Close: CANG

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Manufacturing PMI, Aug-final
• 10:00 AM ET                 Construction Spending M/M for July
• 10:00 AM ET ISM Manufacturing PMI for August
• 10:00 AM ET                 JOLTs Job Openings for July
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: CRDO DELL GTLB MDB PANW SPWH ZEPP

• 8:15 AM ET ADP Private Payrolls for August
• 10:00 AM ET                 Durable Goods Orders M/M for July
• 10:00 AM ET                 Factory orders M/M for July
• 10:30 AM ET                 Weekly EIA Inventory Data

• Earnings After the Close: AGX AI AVGO CHPT FIVE GOLD HPE MTRK NTAP NTSK PHR PVH SNOW TLYS WOOF

• 8:30 AM ET                   Weekly Jobless Claims
• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   International Trade for July
• 8:30 AM ET                   Nonfarm productivity for Q2
• 8:30 AM ET                   Unit Labor Costs for Q2
• 9:45 AM ET S&P Global Composite PMI, Aug-final
• 9:45 AM ET S&P Global Services PMI, Aug-final
• 10:00 AM ET ISM Non-Manufacturing PMI for August
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data

• Earnings After the Close: AMBA AOUT ASAN BBCP CURV DOCU EGAN GWRE IOT LULU MAMA NX OXM PATH PL SWBI ZS

• 8:30 AM ET                   Private Payrolls for August
• 8:30 AM ET                   Manufacturing Payrolls for August
• 8:30 AM ET                   Unemployment Rate for August
• 8:30 AM ET                   Average Hourly Earnings M/M for August
• 1:00 PM ET                    Baker Hughes Weekly rig count data