Daily US Equity Opening News - AAPL falls on weak services, China, supply chain pressure and guidance; AMZN rises as AWS growth accelerates; TSLA weighs China separation before SPCX merger; KXIAY outlook disappoints as profit misses estimates

DAY AHEAD:

• DATA: In Europe, Eurozone flash July CPI is expected to see the headline rise to 2.9% Y/Y (prev. 2.8%) and the core measure unchanged at 2.4% Y/Y. Italy preliminary CPI is seen easing to 2.8% Y/Y (prev. 3.0%) with HICP at 2.8% Y/Y (prev. 3.0%). In North America, Q2 Employment Cost Index is due (prev. 0.9% Q/Q); University of Michigan consumer sentiment final reading is seen at 54.0 (prev. 49.5), current conditions at 54.9 (prev. 47.7), and expectations at 54.0 (prev. 50.7), with 1-year inflation expectations at 4.2% (prev. 4.6%); the Chicago PMI is seen easing to 56 (prev. 56.7). Canada May GDP is seen rising 0.2% M/M (prev. 0.5%).
• CENTRAL BANKS: Fed’s Hammack (2026 voter, hawk), Logan (2026 voter, hawk) and Kashkari (2026 voter, neutral) each to explain their hawkish dissents from Wednesday’s policy decision. BoE’s Pill (hawkish) appears at National MPC Agency briefing; BoE publishes Market Participants Survey.
• CRA: Scope Ratings reviews Switzerland (AAA).
• ENERGY: Brent September 2026 futures expire; Baker Hughes reports weekly rig counts (prev. oil 450, gas 127, total 587).
• EARNINGS: Notable companies reporting today include: ExxonMobil (XOM), AbbVie (ABBV), Chevron (CVX), Linde (LIN), Eaton (ETN), Colgate-Palmolive (CL), Dominion Energy (D), Ares Management (ARES), Cboe Global Markets (CBOE), T. Rowe Price (TROW), Church & Dwight (CHD), Moderna (MRNA), LyondellBasell (LYB), Franklin Resources (BEN), Federal Realty Investment Trust (FRT).

NEWS:

GEOPOLITICS:

• Iran - Iran’s military announced its 27th phase of Operation Thunderbolt involved suicide drone strikes on fighter jet shelters, satellite communication systems and equipment depots at Kuwait’s Ahmad Al-Jaber air base. Iran’s military previously struck US assets at Bahrain’s Sheikh Isa air base on Thursday.
• Gaza - President Trump announced an “historic” agreement for the complete disarmament of Hamas and all other armed groups in Gaza, to be carried out in phased stages. As disarmament is completed, Israeli forces will withdraw and an International Stabilisation Force will work alongside a new Palestinian police force. US officials said the plan will be put in motion over the coming weeks.

TRADE:

• US Tariffs - President Trump signed a determination granting the Commerce Secretary authority under the Defence Production Act to impose export restrictions on industrial waste containing recoverable critical minerals and materials. The move aims to retain critical minerals found in finished products like magnets and lithium-ion batteries, and aims to reduce US dependence on China for those elements.

MACRO:

• BoJ - The BoJ voted 8-1 to hold rates at 1.00%; Hajime Takata dissented in favour of an immediate rate rise. Its Outlook Report saw no massive changes, with growth slightly revised up for FY26 and FY27, and minimal changes to its CPI view. At his post meeting presser, Governor Ueda said the BoJ will hold ‘firm discussions’ on rates at its 18th September meeting, raising the prospect of a 25bps hike. Ueda said the BoJ could accelerate hikes if financial conditions are deemed too accommodative, and does not need to wait for inflation to fully stabilise at 2% before acting. He flagged that the risk of inflation overshooting the 2% target is too significant to ignore, noting that yen weakness has a greater impact on inflation than previously. The central bank is also monitoring the economic impact of the Kumamoto earthquake. He made no comment on FX levels. On bond markets, Ueda said bond market functioning is improving but has not yet fully recovered, and that stable yields require both appropriate monetary policy and market confidence in long-term fiscal sustainability. He declined to comment in advance on whether the BoJ would increase bond purchases, noting recent yields reflect a range of underlying economic fundamentals.
• USDJPY - US Treasury Secretary Bessent said the JPY has substantially overshot equilibrium, is very undervalued and that excess JPY volatility is unhealthy, adding that Japan may have intervened in currency markets on Thursday. Separately, Nikkei reported that Japan’s government and BoJ intervened by buying yen and selling dollars, with desks conducting rate checks, according to sources.
• China PMI - China’s official manufacturing PMI fell to 49.2 in July (exp. 50.1; prev. above 50), contracting for the first time in five months, while the non-manufacturing PMI dropped to 49 (prev. 50.2), the lowest since December 2022.
• France Inflation - French CPI rose to 2.4% in July (exp. 2.0%; prev. 2.0%); services inflation accelerated to 2.3% (from 1.9%), and energy surged to 12.4%. Analysts said that the data, alongside stronger-than-expected GDP figures, bolsters the case for a 25bps ECB rate hike in September. The Eurozone inflation metrics are due later today.
• SNB - The Swiss National Bank reported an H1 profit of CHF 25.2bln (exp. CHF 18-23bln); foreign-currency assets generated CHF 31.7bln, while gold holdings lost CHF 6.4bln, while CHF positions gained CHF 0.1bln. The result revives prospects of a year-end government payout, Bloomberg said.

TECH:

• Apple (AAPL) - Apple shares fell over 6% in extended US trading despite a quarterly top- and bottom-line beat, as weak services, iPad and China sales, below-forecast revenue guidance and warnings of severe supply constraints weighed. Q3 EPS 2.02 (exp. 1.89), Q3 revenue USD 109.4bln (exp. 108.85bln); EPS included an 0.11 benefit from tariff refunds. iPhone revenue +22% Y/Y to USD 54.25bln (exp. 53.6bln), Mac revenue +29% Y/Y to USD 10.35bln (exp. 8.62bln), Services revenue USD 30.739bln (exp. 31.36bln), Wearables revenue USD 7.883bln (exp. 7.87bln), Products revenue USD 78.68bln (exp. 77.25bln). By region, Americas revenue USD 45.78bln (exp. 45.24bln), Greater China revenue USD 18.816bln (exp. 19.58bln). Gross margin was 50.1%, up 80bps Q/Q, including a roughly 200bps benefit from tariff refunds, while total operating expenses were USD 19.08bln (exp. 18.96bln). The installed base exceeded 2.5bln active devices and paid subscriptions surpassed 1.5bln. Outgoing CEO Tim Cook said strong iPhone and Mac demand exceeded expectations, while advanced-node availability is causing significant supply constraints. Sees Q4 revenue between USD 111.7-113.7bln (exp. 114.95bln), representing growth of 9-11% Y/Y, with iPhone revenue growth in the mid-teens and Services growth broadly similar to Q3; FX expected to be a roughly 250bps sequential headwind, and supply constraints are expected to worsen significantly.
• Broadcom (AVGO), Apple (AAPL) - CEO Tim Cook said Apple’s multi-year agreement with Broadcom is expected to exceed USD 30bln, and represents its largest US manufacturing programme commitment. Added that the deal supports Apple’s effort to build an end-to-end domestic silicon supply chain, alongside the planned opening of its Advanced Manufacturing Centre in Houston.
• TSMC (TSM), Apple (AAPL) - Apple CEO Tim Cook said supply constraints reflect stronger-than-expected iPhone and Mac demand rather than supplier problems. Apple expects to source over 100mln components from Arizona this year as part of its USD 600bln US commitment, with TSMC’s Arizona fabrication plant ramping successfully.
• South Korea AI Investments - South Korea plans to inject KRW 20tln into a new account within the Korea Investment Corporation for strategic investments in AI, data centres and infrastructure. The fund will for the first time include domestic assets alongside its traditional foreign portfolio, with legislation to be submitted to Parliament next month and operations planned to launch next year.
• Microsoft (MSFT) - Microsoft Xbox CEO aims to restore margins near rivals by FY27, and achieve industry-leading profitability by FY30, CNBC reports.
• DeepSeek - DeepSeek launched a public beta API for its flagship AI model V4 Flash, citing significantly enhanced agentic capabilities surpassing its V4-Pro-Preview in benchmark results. It said the official release of DeepSeek V4-Pro will follow shortly.
• Kioxia (KXIAY) - Kioxia’s outlook disappointed after profit missed estimates, raising concerns that the AI-driven surge in flash memory pricing may be moderating despite a stock split and buyback. Q1 operating income of JPY 1.27tln, missing estimates, and guided for H1 operating income of JPY 3.16tln, implying a weaker-than-expected JPY 1.89tln for the current quarter, according to Bloomberg. The company announced a 3-for-1 stock split, and a share buyback of up to JPY 800bln. NAND flash prices are expected to rise further in fiscal Q2, with demand forecast to remain strong through fiscal Q3 and Q4. Excessive capital spending aimed at gaining market share is opposed.
• CoreWeave (CRWV) - CoreWeave priced a USD 2.6bln leveraged loan at 5.5ppts above benchmarks, around 1 point above initial guidance, adding roughly USD 30mln in annual interest, Bloomberg notes. The deal attracted about USD 9bln of orders, but highlighted rising financing costs, lease-renewal risk and investor concern over the company’s debt-funded AI expansion, the article adds.
• Monolithic Power Systems (MPWR) - Shares rose 8% afterhours following an earnings and revenue beat, a stronger than expected revenue outlook, and an expanded buyback authorisation. Q2 EPS 6.50 (exp. 5.88), Q2 revenue USD 980.6mln (exp. 903.34mln). CEO said the results reflected the strength of the company’s diversified model and its transition from a chip-only semiconductor supplier to a full-service solutions provider. Authorised an additional USD 500mln for share repurchases, bringing the total current authorisation to USD 1bln. Sees Q3 revenue between USD 1.14-1.16bln (exp. 985.34mln) and sees Q3 operating expenses between USD 201.2-205.2mln.
• Strategy Inc (MSTR) - Shares fell 1% in extended trading after a sharp quarterly loss, a revenue miss and a meaningful bitcoin price decline outweighed balance-sheet strengthening and higher bitcoin holdings. Q2 EPS -24.45 (vs 32.60 Y/Y)), Q2 revenue USD 122.4mln (exp. 124.5mln). Bitcoin holdings +11% to 846,000 BTC, convertible debt fell 18% to USD 6.7bln, the USD reserve increased 12% to USD 2.4bln, Bitcoin Per Share rose 5%. CEO said the company strengthened its balance sheet despite a meaningful decline in bitcoin prices and intends to repurchase STRC shares in a disciplined manner when they trade below USD 100. The USD reserve currently stands at USD 3.75bln, covering preferred dividends and interest obligations for more than 2.1 years, while the company has made 18 consecutive months of dividend payments. CFO said the BTC Hurdle ARR of 10.8% represents Strategy’s current effective cost of credit.
• First Solar (FSLR) - First Solar shares rose 3.8% in afterhours trading following an earnings beat, affirmed FY guidance, and record sales volumes. Q2 EPS 3.92 (exp. 2.82), Q2 revenue USD 1.06bln (exp. 1.06bln). Delivered record Q2 and H1 sales volumes, surpassed 100GW of cumulative global module sales and ended the quarter with approximately 45.1GW of contracted backlog extending through 2030. Backed its FY26 revenue view between USD 4.9-5.2bln (exp. 5.02bln), its volume sold between 17.0-18.2GW, sees adj. EBITDA between USD 2.6-2.8bln, and capex between USD 0.8-1.0bln.
• GoDaddy (GDDY) - GoDaddy shares fell 6.1% in extended trading after earnings missed expectations, outweighing a slight revenue beat and in-line guidance. Q2 EPS 1.83 (exp. 2.24), Q2 revenue USD 1.3bln (exp. 1.29bln). CEO said it is advancing a company-wide AI transformation centred on Airo, with momentum reinforcing demand from small businesses and its disciplined operating model supporting continued investment. Sees Q3 revenue between USD 1.315-1.335bln (exp. 1.33bln), representing growth of approximately 5% Y/Y at the midpoint. Narrows FY26 revenue to between USD 5.22-5.26bln (exp. 5.24bln).

COMMUNICATIONS:

• Roblox (RBLX) - Roblox shares fell 13.5% in afterhours trading following a revenue miss, Q3 sales guidance below forecasts, and as it withdrew its annual guidance amid persistent monetisation softness. Q2 EPS -0.26 (exp. -0.37), Q2 revenue USD 1.47bln (exp. 1.6bln). Average DAUs +10% Y/Y to 123mln, hours engaged +5% Y/Y to 29bln. Sees Q3 revenue between USD 1.41-1.49bln (exp. 1.86bln), representing growth between 4%-10% Y/Y, and sees Q3 bookings decline between 14-18% Y/Y. Expects DAUs to increase sequentially, but sees the monetisation softness observed in Q2 persisting in Q3. Withdrew its FY26 guidance, and accelerated its transition to quarter-only guidance, saying annual guidance is not a helpful tool for investors given its long-term focus.
• Reddit (RDDT) - Shares fell 9.4% in extended trading on soft Q3 sales guidance, and as results failed to meet elevated expectations following sustained rapid growth. Q2 revenue USD 805mln (exp. 730.96mln), ad revenue +64% Y/Y to USD 762mln, ARPU rose to 6.18 (vs 4.53 Y/Y). Exec said its commercial momentum reflects the rising value of human perspectives in an increasingly automated web, with revenue per employee exceeding USD 1mln and, revenue growth above 60% for eight consecutive quarters. Sees Q3 revenue between USD 860-870mln (exp. 829.71mln) and sees Q3 adj. EBITDA between USD 385-395mln.
• Live Nation (LYV) - Shares rose over 2% in extended trading after revenue and adj. operating income beat expectations, with resilient global concert demand, strong ticket sales and lower capital spending guidance supporting sentiment. Q2 EPS 1.05 (vs 0.41 Y/Y), Q2 revenue USD 7.67bln (exp. 7.53bln). Free cash ended the quarter at approximately USD 2bln, up from USD 1.7bln in Q1. Adj. operating income USD 817mln (exp. 784.7mln), concert revenue +8.3% Y/Y to USD 6.44bln, and nearly 49mln fans attended events during the quarter. More than 143mln tickets were sold through mid-July, over 14mln ahead of last year’s pace, while Ticketmaster adj. operating income +14% Y/Y. Said record ticket sales and all-time-high deferred revenue support a strong H2, while it remains on track for double-digit adj. operating income growth in FY26, despite a Q1 legal accrual weighing on reported operating income. Sees FY26 capex of approximately USD 1.1bln, towards the lower end of its initial range due to project timing, including USD 800mln for venue expansion and enhancement projects. Expects FY26 adj. operating income-to-adjusted FCF conversion to be in line with or above FY25 levels.
• Electronic Arts (EA) - Electronic Arts has obtained all regulatory approvals for its go-private acquisition by a consortium comprising the Public Investment Fund, Silver Lake and Affinity Partners. The merger is expected to close around the end of trading on 4th August.
• Meta Platforms (META) - In India, Hyderabad cybercrime police registered two cases against operators of Facebook and Instagram accounts and Meta India’s head over allegedly manipulated content targeting PM Modi, according Times of India reports. Complaints came from BJP supporters during protests over the NEET paper leak. Police issued Meta a notice and are seeking details to identify and arrest those involved.

CONSUMER CYCLICAL:

• Amazon (AMZN) - Amazon shares rose over 10% in extended US trading after it reported faster AWS growth, while stronger-than-expected revenue reassured investors that heavier AI and data centre spending is being matched by accelerating cloud demand, despite its guidance coming in on the soft side. Q2 EPS 5.75 (exp. 1.82), Q2 revenue USD 200.6bln (exp. 196.43bln). Net income included USD 53.4bln of pre-tax other income primarily related to its Anthropic investment. AWS revenue +36.7% Y/Y to USD 42.23bln, operating income USD 16.62bln (vs USD 10.16bln Y/Y), order backlog USD 496bln. Advertising revenue +26% Y/Y. AI and chips businesses each surpassed annualised revenue run-rates of USD 25bln. CEO said AWS recorded its fastest growth in 18 quarters, and highlighted record Prime delivery speeds. Sees Q3 revenue between USD 197-202bln (exp. 203.92bln), sees Q3 operating income between USD 22.5-26.5bln (vs USD 17.4bln Y/Y), sees FY26 capex of USD 220bln (raised from USD 200bln), mostly directed towards AI infrastructure.
• Tesla (TSLA), SpaceX (SPCX) - Tesla is considering separating its China business through a sale, spinoff or closure before a potential SpaceX merger, WSJ reports. The move would address geopolitical and regulatory concerns linked to SpaceX’s US defence work. China represented about 18% of Tesla’s H1 2026 sales, and any transaction could face scrutiny from Beijing, the report adds. Musk has denied the report. 
• Alibaba (BABA, Tesla (TSLA) - Alibaba’s Qwen has entered advanced testing in Tesla China vehicles and may launch soon, according to multiple sources cited by China Business News. Testing in real vehicle systems covers voice interaction, vehicle controls, navigation and task execution.
• Rivian (RIVN) - Rivian shares rose 2.9% in afterhours trading following stronger than expected revenue, a narrower loss, higher delivery guidance, lower capex plans, helped by early R2 demand and software growth. Q2 adj. EPS -0.46 (exp. -0.63), Q2 revenue USD 1.66bln (exp. 1.51bln). Software and Services revenue +37% Y/Y to USD 515mln, of which USD 308mln came from the Volkswagen (VWAGY) JV. It produced 12,613 vehicles, and delivered 12,194 vehicles in the quarter. Cash, cash equivalents and short-term investments ended at approximately USD 5.3bln. CEO said initial R2 reservation-to-order conversion was meaningfully above internal expectations, and expects the vehicle to achieve a positive gross margin in H2. Raised FY26 vehicle deliveries view to between 65,000-70,000 (from 62,000-67,000), sees FY26 adj. EBITDA between USD -2.0 and -1.8bln, and lowers its FY26 capex view to between USD 1.7-1.8bln (from USD 1.95-2.05bln).
• Home Depot (HD) - Home Depot announced leadership portfolio changes to accelerate innovation and pursue a larger share of its USD 1.2tln total addressable market. The organisational realignment is intended to provide a more seamless customer experience, drive growth and increase market share.
• Brunello Cucinelli (BCUCY) - H1 revenue EUR 749.4mln (exp. 743.7mln), EBIT EUR 128.2mln (exp. 125.8mln); raised FY26 growth guidance to 10-11% (from 10%), and expects around 10% growth in FY27; regional sales rose 5.3% in Europe, 20.6% in the Americas and 14.1% in Asia.
• Puma (PUMSY) - Q2 adj. sales EUR 1.69bln (exp. 1.66bln), adj. EBIT loss of EUR 42mln (exp. 55mln loss); confirmed FY guidance; CEO expects sequential sales improvement in H2 after the softer Q2.
• Alimentation Couche-Tard (ANCTF) - Alimentation Couche-Tard agreed to acquire Zabka Group for about PLN 32.6bln through a voluntary tender offer. The bid carries a 9.3% premium, with holders of about 57% backing the deal. Completion is expected by December, and Couche-Tard may delist Zabka if it reaches 95% ownership.

CONSUMER STAPLES:

• Nestle (NSRGY) - CEO said cost pressure remained high in H1 2026; impact from cocoa and coffee should moderate in H2, although price developments are expected to remain volatile.

FINANCIALS:

• Bank of America (BAC) - Bank of America plans to acquire UK-based cybersecurity specialist MDSec Consulting Limited; terms not disclosed. Transaction expected to close in Q4.
• Banco Santander (SAN) - Banco Santander plans to acquire the roughly 10% of Santander Brazil it does not own through voluntary exchange offers in Brazil and the US. The deal values the minority stake at up to EUR 1.91bln, offers a 15% premium, and could require issuing about 156mln new Banco Santander shares.
• Coinbase Global (COIN) - Shares fell 5% in afterhours trading following a wider than expected loss and a revenue miss, with weak transaction, subscription and stablecoin revenue underscoring pressure from the crypto downturn despite lower expense guidance. Q2 EPS -1.36 (exp. -0.17), Q2 revenue USD 1.2bln (exp. 1.29bln). Transaction revenue USD 599mln, Subscription and Services revenue USD 555mln, stablecoin revenue USD 292mln (exp. 327.2mln). CEO said it reached a record share of crypto trading, and argued the business is increasingly positioned across trading, payments and lending rather than solely bitcoin prices. Q3 transaction revenue is around USD 130mln QTD; sees Q3 Subscription and Services revenue between USD 500-580mln. Lowers FY26 adj. expenses to between USD 4.2-4.45bln (from USD 4.25-4.6bln).
• Arthur J. Gallagher & Co. (AJG) - Shares fell 2.5% in extended trading after revenue missed expectations, outweighing a slight earnings beat and management’s positive comments on organic growth, retention and new business generation. Q2 adj. EPS 2.84 (exp. 2.82), Q2 revenue USD 4bln (exp. 4.04bln). Combined Brokerage and Risk Management revenue grew 24% Y/Y, including organic growth of 6%. CEO said the quarter reflected the strength and diversity of the company’s model and its two-pronged growth strategy, with client retention remaining strong and new business generation continuing to perform well.
• Western Union (WU) - Shares fell over 6% in afterhours trading following an earnings miss and FY profit guidance below forecasts, with weak Americas Retail trends, delayed Intermex synergies and margin pressure weighing. Q2 adj. EPS 0.31 (exp. 0.42), Q2 revenue USD 1.01bln (exp. 1.02bln). CEO said Americas Retail did not improve as expected and the delayed Intermex acquisition close deferred anticipated synergies, creating meaningful margin pressure and weaker than expected EPS. Plans to accelerate cost reductions in H2 while continuing to invest in digital products and consumer services. Sees FY26 adj. EPS between 1.25-1.35 (exp. 1.72), revenue growth between 3-5%, adj. revenue growth between 4-6%.
• Banco Santander (SAN) - Santander plans to acquire the roughly 10% of Santander Brazil it does not own through voluntary exchange offers in Brazil and the US; the deal values the minority stake at up to EUR 1.91bln, offers a 15% premium, and could require issuing about 156mln new Banco Santander shares.
• Credit Agricole (CRARY) - Q2 revenue EUR 7.36bln (exp. 7.03bln), net income EUR 2.05bln (exp. 1.93bln); operating costs were EUR 3.87bln (exp. 3.83bln), while asset-gathering and large-customer revenue beat expectations, and CET1 reached 11.3% (exp. 11.2%).
• AXA (AXAHY) - H1 net income EUR 4.17bln (exp. 4.42bln), gross written premiums and other revenue rose to EUR 66.29bln (vs 64.25bln Y/Y); underlying earnings increased to EUR 4.54bln; FY26 underlying EPS growth expected at the upper end of its 6-8% target range.
• NatWest (NWG) - Q2 pretax operating profit GBP 2.29bln (exp. 2.01bln), total income rose to GBP 4.504bln, attributable profit to GBP 1.603bln and EPS to 20.1p; NIM increased 21bps to 2.49%, RoTE reached 21.0%, and an interim dividend of 12.0p was declared.
• Commerzbank (CRXBY), UniCredit (UNCRY) - Commerzbank CEO Orlopp told employees there would be further talks with UniCredit about a potential merger, Handelsblatt reports.

REAL ESTATE:

• Weyerhaeuser (WY) - Weyerhaeuser shares 1% in afterhours following an earnings beat and encouraging commentary on lumber and western log pricing outweighing a revenue miss and ongoing macroeconomic uncertainty. Q2 adj. EPS 0.13 (exp. 0.08), Q2 revenue USD 1.73bln (exp. 1.83bln). CEO continues to optimise its timberlands portfolio, and highlighted recent improvements in lumber and western log pricing despite macroeconomic uncertainty and near-term inflationary pressures, while remaining confident in long-term demand fundamentals and focused on disciplined capital allocation.
• Camden Property Trust (CPT) - Q2 FFO/shr 1.68 (exp. 1.67), Q2 revenue USD 392.94mln (exp. 392.91mln). Sees Q3 FFO/shr between 1.67-1.71 (exp. 1.64), sees FY26 FFO/shr between 6.68-6.82 (exp. 6.66).

INDUSTRIALS:

• Defence Stocks - The Pentagon requested USD 67bln in emergency FY funding, including USD 18.2bln to replenish advanced interceptors and missiles used during the Iran war. Proposed purchases include Lockheed Martin (LMT) THAAD and Patriot systems, RTX (RTX) Standard Missiles and Tomahawks, AMRAAMs and Precision Strike Missiles, reflecting concerns over depleted US stockpiles.
• Northrop Grumman (NOC) - Northrop Grumman received a USD 1.84bln ceiling US Air Force contract for sustainment, production and modifications of the LITENING targeting pod.
• RTX (RTX) - RTX received a USD 1.3bln US Navy contract modification for initial F135 propulsion-system spares supporting F-35 programmes across US services, international partners and Foreign Military Sales customers.
• GE Aerospace (GE) - GE Aerospace received a USD 117.85mln US Navy contract for depot-level rework of Navy and Marine Corps T700-GE-401 engines and modules.
• Ingersoll Rand (IR) - Shares fell 1.5% in extended trading despite beating earnings and revenue expectations, as solid guidance and acquisition news failed to overcome a muted reaction after recent order momentum. Q2 adj. EPS 0.86 (exp. 0.82), Q2 revenue USD 2.05bln (exp. 1.96bln). Has agreed to acquire industrial-filter manufacturer Fai Filtri, closing expected in Q4. CEO said improving order momentum reinforced confidence in meeting FY commitments. Sees FY26 adj. EPS at the high end of the 3.45-3.57 range (exp. 3.50), revenue growth between 4.5-6.5% and adj. EBITDA between USD 2.13-2.19bln.
• Dolby Laboratories (DLB) - Shares fell after revenue missed expectations. Q3 adj. EPS 0.69 (exp. 0.67), Q3 revenue USD 305mln (exp. 311.96mln). CEO said it continued to execute against its full-year objectives and was building momentum across key growth areas, including the Video Distribution Program and Dolby OptiView, while expanding Dolby Atmos and Dolby Vision across live sports, in-car music and mobile user-generated content. Increased share repurchase programme by USD 350mln, bringing the amount available for future repurchases to approximately USD 427mln.
• IAG (ICAGY) - H1 revenue GBP 16.06bln (vs 15.91bln Y/Y), operating profit GBP 1.61bln (vs 1.88bln Y/Y), profit after tax GBP 1.03bln (vs 1.30bln Y/Y); H2 2026 bookings are around 57%, with FY capacity now expected to be flat and about 60% of higher fuel costs recovered.

MATERIALS:

• BHP Group (BHP) - Unions plan 24-hour strikes at BHP’s Port Hedland operations on 8th and 9th August, threatening disruption at the world’s largest iron ore export hub. The dispute concerns pay, discretionary payments and individual contracts. BHP said contingency plans are in place. Australia’s Fair Work Commission is set to hear the matter on 4th August.
• Corteva (CTVA) - Corteva slipped afterhours following a Q2 revenue miss, as cautious farmer spending and weaker crop protection sales outweighed its earnings beat, raised profit guidance and progress toward its planned separation. Q2 adj. EPS 2.30 (exp. 2.23), Q2 revenue USD 6.38bln (exp. 6.6bln). Seed revenue was flat Y/Y at USD 4.53bln, Crop Protection revenue -4% Y/Y to USD 1.85bln. CEO said strong demand for next-gen seed technologies and differentiated crop-protection products, alongside productivity and cost discipline, supported continued margin expansion. Demand across key crop markets remains strong, with improving industry fundamentals and normalised channel inventories supporting its outlook, and it remains on track to complete its planned separation on 1st October. Raised FY26 operating EPS view to between 3.60-3.80 (exp. 3.76; prev. saw 3.45-3.70), raised FY26 operating EBITDA to between USD 4.1-4.3bln (exp. 4.18bln; prev. saw 4-4.2bln).
• Vale (VALE) - Q2 adj. EBITDA USD 3.68bln (vs 3.39bln Y/Y), Q2 revenue USD 10.50bln (vs 8.80bln Y/Y). Iron ore recorded its highest Q2 production since 2018, copper achieved its strongest Q2 production in nine years. The company is progressing high-return, low-capital-intensity projects, including the Serra Sul +20 start-up and the Bacaba copper project, which is ahead of schedule and supports its ambition to double copper production by 2035. Board approved USD 1.7bln in dividends and interest on capital, and extended the company’s share repurchase programme.
• Eastman Chemical (EMN) - Q2 adj. EPS 1.97 (exp. 1.82), Q2 revenue USD 2.51bln (exp. 2.4bln). Revenue was supported by strong volume growth and disciplined price-cost management; EBIT margin +350bps sequentially. CEO noted volume/mix improvement in Chemical Intermediates, continued the commercial ramp-up of its Kingsport methanolysis facility, adding that it remains on track to reduce costs by between USD 125-150mln net of inflation. Sees Q3 adj. EPS approaching 1.97 (exp. 1.89), with stronger Advanced Materials and Fibers earnings partly offset by modest declines in Additives & Functional Products and Chemical Intermediates. Sees FY26 operating cash flow approaching USD 900mln (modestly below the previous exp of approaching FY25 levels), and capex of around USD 400mln.
• Holcim (HOLN SW) - H1 revenue CHF 7.93bln (exp. 7.81bln), recurring EBIT CHF 1.44bln (exp. 960mln); raised FY26 sales growth guidance to around 5% (from 3-5%), and recurring EBIT growth guidance to 10% (from 8-10%).

ENERGY:

• Shell (SHEL) - Shell agreed to sell BG Cyprus Limited to MOL Group for up to USD 720mln.
• BP (BP) - BP has begun marketing its North Sea business for a potential sale, which could fetch about GBP 2bln, Bloomberg reports. The unit produces around 100K bbls of oil equivalent daily across five hubs.

UTILITIES:

• Edison International (EIX) - Shares edged lower by 0.8% in extended trading after a revenue miss outweighed a core earnings beat and reaffirmed FY guidance. Q2 core EPS 1.54 (exp. 1.21), Q2 revenue USD 4.36bln (exp. 4.82bln). Maintains FY26 core EPS between 5.90-6.20 (exp. 6.12).
• Eversource Energy (ES) - Q2 EPS 0.87 (exp. 0.87), Q2 revenue USD 2.9bln (exp. 2.97bln). The company completed the divestiture of Aquarion Water, strengthening its balance sheet and positioning Eversource as a pure-play regulated electric and natural gas delivery company. It also highlighted its preliminary selection by ISO-NE to develop transmission infrastructure connecting northern Maine with southern New England. Maintains FY26 recurring EPS view between 4.57-4.72 (exp. 4.65), including the impact of the prospective transmission ROE reduction following the March 2026 FERC order and the absence of Aquarion earnings in H2. Maintains long-term EPS growth between 5-7% through 2030, using the FY26 guidance midpoint of 4.65 as the base, and expects annual earnings growth towards the upper half of that range by 2028.
• Ameren (AEE) - Shares edged lower as a revenue miss outweighed a modest earnings beat and in-line FY profit guidance. Q2 EPS 1.13 (exp. 1.08), Q2 revenue USD 2.09bln (exp. 2.29bln). CEO said results reflected consistent execution, with investment focused on a diverse and resilient energy portfolio, grid reliability and regional economic growth. Sees FY26 EPS between 5.25-5.45 (exp. 5.38).
• Alliant Energy (LNT) - Q2 adj. EPS 0.65 (exp. 0.60), Q2 revenue USD 971mln (vs 961mln Q/Q). CEO said FY results are currently tracking in the upper half of its ongoing earnings guidance range, supported by progress on three data centres and energy resource investments. Backs FY26 EPS view between 3.36-3.46 (exp. 3.42).

HEALTHCARE:

• AstraZeneca (AZN) - AstraZeneca’s Datroway was approved in the EU as monotherapy for first-line treatment of adults with unresectable or metastatic triple-negative breast cancer who are ineligible for PD-1/PD-L1 inhibitor therapy, the company said.
• DexCom (DXCM) - Shares rose 6.5% in extended trading after the company topped earnings and revenue expectations, with guidance broadly aligned, and management citing trial progress and confidence in its long-term plan. Q2 adj. EPS 0.70 (exp. 0.61), Q2 revenue USD 1.31bln (exp. 1.29bln). CEO said the quarter’s performance and successful CONNECT trial outcomes reinforced confidence in its long-term growth plan through 2030. Sees FY25 revenue between USD 5.15-5.25bln (exp. 5.22bln), sees FY26 adj. gross margin of approximately 64%, adj. operating margin between 23.5-24%, adj. EBITDA margin between 31.5%-32%.
• Stryker (SYK) - Shares fell 6.6% afterhours despite an earnings beat and near-consensus revenue, as FY profit outlook failed to offer meaningful upside after cyber-incident recovery progress. Q2 revenue USD 6.59bln (exp. 6.58bln). CEO said the company made significant progress recovering from the cyber incident, delivering strong sales, EPS and operating cash flow growth, and entered H2 with regained momentum. Sees FY26 adj. EPS between 14.95-15.10 (exp. 14.97), with FX expected to have a slightly favourable impact on sales and adj. EPS if rates remain near current levels.
• Mettler-Toledo (MTD) - Shares rose 2.5% in extended trading after an earnings beat and raised FY guidance, helped by better-than-expected organic sales growth, China and emerging-market strength and productivity gains. Q2 adj. EPS 11.46 (exp. 10.80), Q2 revenue USD 1.027bln (exp. 1.03bln). CEO noted better than expected organic sales growth across the portfolio, including strong growth in China and emerging markets, alongside improved market conditions and benefits from the Spinnaker sales, marketing and productivity initiatives, drove adj. EPS growth. Sees Q3 adj. EPS between 12.00-12.15 (exp. 12.07), Q3 local-currency sales growth of approximately 4%. Raised FY26 EPS view to between 47.15-47.50 (exp. 46.67; prev. saw 46.30-46.95), and raised FY26 local-currency sales growth to between 4-5% (from 4%), ex-tariff refunds.
• Tempus AI (TEM) - Q2 adj. EPS -0.04 (exp. -0.15), Q2 revenue USD 382.5mln (exp. 379.54mln). CEO said investments in AI are driving some of the strongest growth rates seen in Oncology Diagnostics and Data Licensing, the company’s two largest businesses. Raised FY26 revenue view to between USD 1.595-1.605bln (exp. 1.59bln), and maintained its FY26 adj. EBITDA view of approximately USD 65mln (guidance excludes impact from the Personalis transaction, which is expected to close in late Q4/early 2027).
• Illumina (ILMN) - Shares edged lower despite beating earnings and raising guidance, as the market looked past stronger sequencing demand. Q2 adj. EPS 1.31 (exp. 1.23), Q2 revenue USD 1.16bln (exp. 1.13bln). CEO said momentum continued to build as clinical customers expanded sequencing-intensive applications and demand for NovaSeq X remained strong. Raised FY26 adj. EPS view to between 5.30-5.40 (exp. 5.23; prev. saw 5.15-5.30), raised FY26 revenue to between USD 4.6-4.64bln (exp. 4.57bln; prev. saw 4.52-4.62bln), now sees rest-of-world organic revenue growth above 5% (vs prior view of 2-4%).
• Siemens Healthineers (SMMNY) - Q3 revenue EUR 5.76bln (exp. 5.81bln), net profit EUR 669mln (exp. 491mln), adj. EBIT EUR 1.1bln (exp. 890mln); raised FY26 adj. EPS view to 2.35-2.45, but cut comparable revenue growth guidance to 3.5-4.0%.