INTC $15B common stock offering; AAPL downgraded; GME reportedly weighs pulling EBAY bid

• US INDEX FUTURES: ES -0.1%, NQ -0.1%, YM -0.2%, RUT -0.3%
• DAY AHEAD: The US calendar is very light to start the week. The main event is Fed's Hammack (2026 voter, hawkish dissenter) to participate in a Yahoo Finance interview.
• BROKER MOVES: SNDK upgraded at Argus; DOCS downgraded at Wells Fargo. For the full list, click here.
• MAJOR MORNING MOVES RECAP: INTC, AAPL, HZO, TSM, SION, META, GME, HPE, VRSK. For the full list, click here.
• US DAILY CONFERENCE CALENDAR: MU, EQIX, GILD, KMI, PFE, WMB. For the full list, click here.

NEWS:

INDEX

• SPX - JPMorgan raised its S&P 500 year-end target to 8000 from 7800.

TECH

• Apple (AAPL) - Apple is testing memory chips from China’s CXMT across its product lines, including iPhones and MacBooks, as it seeks to address memory supply constraints, WSJ reported, citing people familiar with the matter. Apple has held early discussions with CXMT to supply components for devices sold in China and hopes to secure US approval to do business with the memory chipmaker. Meanwhile, Apple's iPhone 18 Pro 256 GB BOM cost is expected to surge around 38% Y/Y amid rising memory prices, potentially prompting Apple to sacrifice margins to sustain shipments, TrendForce said. Separately, Apple was downgraded at Jefferies to Undperform from Hold with a USD 263.66 (prev. 285.56). The firm's supply-chain checks indicate Apple has cancelled the 20th anniversary all-glass iPhone model, which was supposed to be launched in September 2027, due to poor production yield. The firm, which views this as "a major setback" to efforts to bring in higher-priced iPhones amid soaring memory costs, cut its FY28 and FY29 EPS estimates by about 2% and 3%, respectively, adding that it believes the plan was to extend the all-glass features to future iPhone Pro and Pro Max models.
• Nvidia (NVDA) - Plans to invest up to USD 3bln in Lancium, a data center developer backed by Blackstone (BX), The Information reported, citing people familiar with the matter. Nvidia will initially invest USD 2bln for a 20% stake and could invest an additional USD 1bln if Lancium meets certain thresholds.
• OpenAI - Said preliminary evaluations of its upcoming Astra model indicate sufficiently advanced agentic coding and cybersecurity capabilities that it cannot rule out the model reaching its “Critical” cybersecurity threshold, under the company’s Preparedness Framework. OpenAI defines that threshold as the ability to autonomously develop functional zero-day exploits across hardened critical systems or execute novel end-to-end cyberattacks against hardened targets; Astra was not involved in the Hugging Face exploit.
• Sony (SONY), TSMC (TSM) - The companies plan to invest approximately JPY 1tln (USD 6.32bln) to jointly produce next-generation image-sensor chips in Japan, Nikkei Asia reports. A joint venture owned approximately 60% by Sony and 40% by TSMC would begin commercial production as early as 2029 at a plant in Kumamoto, southern Japan.
• Intel (INTC) - Announced a USD 15bln underwritten public offering of common stock, with underwriters granted a 30-day option to purchase up to an additional USD 2.25bln of shares. Intel plans to use the net proceeds for general corporate purposes, including potential CapEx and working capital, to support growth opportunities while maintaining its balance sheet and investment-grade rating.
• Cloudflare (NET) - Proposing a USD 2.18bln private offering of convertible senior notes.
• TSMC (2330 TT) July Revenue (TWD) 467.8bln, +44.7% Y/Y; YTD Revenue 2.87tln.
• SanDisk (SNDK) - Argus upgraded SanDisk to Buy from Hold, noting the company reported sharply-above consensus results in Q4 and is seeing accelerating momentum in data center, driven by AI infrastructure investments as well as solid-state drive and enterprise solutions. Argus adds the USD 500 pullback from its coverage launch price and accelerated financial momentum creates a compelling price point.
• Teledyne Technologies (TDY) - To acquire Varex Imaging (VREX) for USD 18.90 per share in cash, or approximately USD 1.1bln including equity awards and net debt. The transaction is expected to close in early 2027, subject to customary closing conditions, regulatory approvals and Varex shareholder approval.
• US IT hardware - Morgan Stanley upgraded it's US IT Hardware industry view to In-Line from Cautious. The firm admits to having been on the wrong side of the enterprise hardware trade, previously believing that record component inflation would quickly stymie a recovery in hardware spending, but its AlphaWise survey confirmed this cycle is driven by refresh, pull-forward and AI, making this "a longer but still predominantly cyclical infrastructure upcycle". The firm is reorienting its end-market preferences towards storage over servers over PCs. Morgan Stanley upgraded HPE (HPE) and Everpure (P) to Overweight from Equal Weight and upgraded NetApp (NTAP0 to Equal Weight from Underweight. Also, MS downgraded Teradata (TDC) to 'Equal Weight' from 'Overweight, noting the AI opportunity remains "compelling," but the expected growth acceleration and estimate upside have yet to materialise.
• Samsara (IOT) - Downgraded at Piper Sandler to Neutral from Overweight. While the company's web traffic is positive in Piper's latest transportation traffic tracking, Samsara's app downloads "were quite alarming" exiting July. The firm cites higher expectations, tough compares in the second half of 2026, and valuation following the stock's rally for the downgrade. "Fully autonomous driving is more a Wall Street argument than reality, but this can limit multiple upside" for Samsara.
• Monday.com (MNDY) - Q2 non-GAAP EPS USD 1.48 (exp. USD 1.11), revenue USD 364.6mln (exp. USD 355.53mln); reaffirmed FY26 revenue view of USD 1.466-1.474bln (exp. USD 1.47bln) and sees Q3 revenue USD 368-370mln (exp. USD 372.85mln), non-GAAP operating income USD 57-59mln and adjusted FCF USD 280-290mln for FY26.
• Camtek (CAMT) - Q2 non-GAAP EPS USD 0.78 (exp. USD 0.76), revenue USD 133.2mln (exp. USD 130.19mln).

INDUSTRIALS

• Ferguson (FERG) - Q2 adj. EPS USD 3.39 (exp. USD 3.30), revenue USD 8.8bln (exp. USD 8.6bln); raised FY26 revenue growth view to mid-single digits (prev. low to mid-single digits, exp. USD 32.72bln).
• Target Hospitality (TH) - Q2 EPS (USD 0.09) (exp. -0.10), revenue USD 85.46mln (exp. USD 79.27mln); raised FY26 revenue view to USD 410-420mln (exp. USD 375.95mln, prev. USD 370-380mln), adj. EBITDA view to USD 85-95mln (prev. USD 75-85mln) and capex view to USD 490-510mln (prev. USD 460-480mln).
• AAON (AAON) - Q2 adj. EPS USD 0.69 (exp. USD 0.49), revenue USD 627mln (exp. USD 503mln); raised FY26 revenue growth view to 55%-60% (prev. 40%-45%, exp. USD 2.07bln), with gross margin of ~25%-26% and SG&A as a percentage of sales of 13%-14%.
• Ceco Environmental (CECO) - Q2 adj. EPS USD 0.47 (exp. USD 0.33), revenue USD 284.96mln (exp. USD 282.22mln); raised FY26 revenue view to USD 1.30-1.38bln (exp. USD 1.31bln, prev. USD 1.28-1.38bln) and adj. EBITDA view to USD 200-220mln (prev. USD 195-225mln).
• Verisk Analytics (VRSK) - Ordered by a Delaware judge to proceed with its planned USD 2.35bln acquisition of AccuLynx, more than seven months after Verisk terminated the deal, Reuters reports. The judge ruled Verisk’s termination was invalid because its “willful conduct” caused a closing condition to fail; Verisk had previously said it terminated the deal after the FTC had not completed its review by the Dec. 26 deadline.
• SpaceX (SPCX) - Retail investors turned net sellers for the first time since the company’s June IPO, selling a net USD 4.5mln on Aug. 7, according to Reuters, citing Vanda Research data.
• Archer Aviation (ACHR), Boeing (BA) - Archer Aviation will acquire Boeing’s Wisk Aero, SkyGrid and Insitu subsidiaries, creating an end-to-end physical AI platform for aerospace and defense. The deal adds a profitable defence business generating more than USD 200mln in annual revenue, while Boeing will take a stake in Archer and become a strategic partner, with the companies also establishing an ongoing technology-sharing arrangement.
• RTX (RTX) - Awarded a USD 745.9mln contract to manufacture and assemble Standard Missile-3 Block IIA interceptors for the US government and Japan Ministry of Defense, with USD 553.3mln in funding obligated at award. Work will be performed in Arizona and Alabama through February 2031. Also, was awarded a USD 535.98mln contract modification for full-rate production and engineering services supporting the TOW Weapon System, bringing the contract’s total cumulative value to USD 750.82mln. Work will be performed in Tucson, Arizona, through August 2027.
• 3M (MMM), Corteva (CTVA), DuPont (DD) & Chemours (CC) - Companies received court approval for more than USD 2.5bln of settlements with New Jersey over PFAS pollution claims, Reuters reports. 3M will pay USD 400mln-USD 450mln to settle drinking-water contamination claims, while DuPont and Corteva will establish a USD 475mln reserve for cleanup of four contaminated sites.
• Bowman Consulting (BWMN) - Will be acquired by Bernhard Capital Partners for USD 43.00 per share in cash, implying an enterprise value of approximately USD 1bln and a 58% premium to Bowman's Aug. 7 closing price. The deal is expected to close in Q4 2026 or Q1 2027, subject to shareholder and regulatory approvals; Bowman will also have a 35-day go-shop period to solicit competing offers.

HEALTHCARE

• Eli Lilly (LLY) - UK's MHRA authoriseD orforglipron (LLY), making the UK the first Country in Europe to approve this glp-1 tablet for weight management and type 2 Diabetes.
• Thermo Fisher Scientific (TMO) - Expects its India customer base to grow 15%-20% over the next five years, with continued double-digit growth in the country driven by rising demand from biopharma, semiconductor and clean energy sectors, according to Reuters. The company also sees increasing demand from India’s growing obesity-drug market.
• Illumina (ILMN) - Filed for notes offering; size not disclosed, according to a filing.
• Sionna Therapeutics (SION) - Said its SION-719 add-on treatment for cystic fibrosis failed to meet its key activity endpoint in a Phase 2a trial, with a -1.0 mmol/L mean placebo-adjusted sweat chloride change, and the company does not plan to advance the program. Separately, its SION-451 + SION-2222 combination met safety, tolerability and pharmacokinetic objectives in Phase 1, with Sionna identifying it as the preferred dual combination and evaluating next steps.
• MoonLake Immunotherapeutics (MLTX) - Said its Phase 3 IZAR-1 trial of sonelokimab in biologic-naive adults with active psoriatic arthritis met all clinical endpoints at Week 16, with 42.1% of patients achieving an ACR50 response. Key secondary results included 66.5% achieving ACR20, 41.2% achieving Minimal Disease Activity and 61% of patients with skin involvement achieving PASI90; no new safety signals were observed. Reported Q2 EPS of -0.84 (exp. -0.90).
• Tenax Therapeutics (TENX) - Reported that its Phase 3 LEVEL trial of TNX-103 in PH-HFpEF failed to meet its primary endpoint of improving 6-minute walk distance or its key secondary KCCQ symptom score endpoint. The treatment difference in 6MWD was only +3.5 meters versus placebo, while KCCQ-TSS was essentially unchanged versus placebo (+0.1 points).
• AbCellera (ABCL) - Reported positive Phase 2 results for ABCL635, with a single dose producing statistically significant reductions in both the frequency and severity of menopausal hot flashes at Week 4 versus placebo, while also improving sleep and patient-reported outcomes. No specific negative results or safety concerns are mentioned in the release; the key caveat is that the results still need to be validated in Phase 3.
• Silence Therapeutics (SLN) - Reported positive Phase 2 SANRECO results for divesiran in polycythemia vera, with the trial meeting its primary and secondary endpoints. Response rates were 93.8% for the Q6W dose and 81.3% for Q12W, while phlebotomy rates were significantly reduced versus placebo. No major negatives are disclosed in the provided results. The main caveat is that these are Phase 2 results, so efficacy and safety still need to be confirmed in later-stage development.
• Doximity (DOCS) - Downgraded at Wells Fargo to Underweight from Equal Weight. The shares are trading at "compounder multiples" while the company is posting "market-level growth". The firm said Doximity's AI monetization "looks unproven." With a budget mix appearing to have plateaued, AI is more likely to shift platform spend than expand wallet share for the company.

CONSUMER DISCRETIONARY

• GameStop (GME) - Considering withdrawing its USD 56bln bid for eBay (EBAY), instead exploring a partnership or joint venture that would allow eBay to leverage GameStop’s US retail footprint, Bloomberg reports, citing people familiar with the matter. GameStop would seek board representation as part of any potential partnership, with the companies potentially targeting higher-margin categories such as trading cards and collectables.
• Amazon (AMZN) - Plans to invest in a large natural gas power plant to supply electricity directly to a major AI data center in Texas, NYT reports, citing its reporter Hiroko Tabuchi. If built to permitted specifications, the facility could emit up to 33mln tons of CO2 annually, potentially making it the largest single permitted source of climate pollution in the US.
• Ashland (ASH) - Exploring a potential sale after receiving takeover interest, Bloomberg reports, citing people familiar with the matter. Ashland is working with Citi (C) and Lazard (LAZ) and has engaged with strategic and financial suitors, with Advent, Apollo Global (APO), Carlyle Group (CG) and Standard Industries among parties that have shown interest,
• Restaurants - Restaurant reservation apps are increasingly competing to secure exclusive access to tables, with membership clubs, credit-card companies and delivery platforms joining the race, WSJ reported. Visa (V) and Chase (JPM) are paying restaurants for blocks of early reservations to offer cardholders, while Uber Eats (UBER) has partnered with OpenTable and DoorDash (DASH) acquired SevenRooms for USD 1.2bln last year.
• MarineMax (HZO) - Will be acquired by Safe Harbor Marinas, a Blackstone Infrastructure portfolio company, for USD 53.00 per share in cash, implying an enterprise value of approximately USD 1.5bln. The deal is expected to close by the end of 2026, subject to shareholder and regulatory approvals.

COMMUNICATIONS

• Meta (META) - Meta launched Muse Glimmer, an open-source AI agent model designed to run locally on Macs and PCs. "Now that Meta Superintelligence Labs are up and running, we will resume releasing some open source models soon."
• Paramount Skydance (PSKY) - Offered AMC Entertainment (AMC) and Cineworld’s Regal Cinemas three-year agreements guaranteeing at least 30 theatrical releases annually if it acquires Warner Bros. Discovery (WBD), Bloomberg reports, citing people familiar with the matter. The proposed agreements would require the films to remain exclusive to theatres for at least 45 days and unavailable for streaming for at least 90 days.
• Fox (FOX) - Filed a shelf registration allowing it to offer debt securities, Class A and Class B common stock, and preferred stock from time to time, via SEC; size not disclosed.

FINANCIALS

• Berkshire Hathaway Inc (BRK.A/BRK.B) - Q2 net income 25.67bln (exp. 10.62bln), operating earnings rose to 12.98bln (exp. 10.58bln) as strength at BNSF and service businesses including NetJets and TTI offset weakness at Geico; revenue rose 10% to USD 101.81bln. Berkshire repurchased USD 4.5bln of its own stock in Q2 and another USD 3.3bln in July and acquired ~USD 4.5bln in treasury shares during the second quarter of 2026, bringing the six-month total to about USD 4.8bln. The five largest holdings at June 30 were Alphabet (GOOGL), American Express (AXP), Apple (AAPL), Bank of America (BAC) and Coca-Cola (KO).
• Paypal (PYPL) - Customers can use Venmo balance, linked bank account, credit, or debit cards to pay for apps, games, in-app purchases & subscriptions across Google Play.

UTILITIES

• Duke Energy (DUK) - To sell 35mln equity units at USD 50 each.

CONSUMER STAPLES

• Walmart (WMT) - Said removed impacted prepared food items containing jalapenos over concerns of salmonella linked to Taylor Farms recall.

REAL ESTATE

• Ryman Hospitality Properties (RHP) - Will acquire the fee simple interest in Grande Lakes Orlando Resort for USD 1.38bln, a 12.5x adjusted EBITDA multiple, from Trinity Investments, expanding its portfolio with the 409-acre resort complex. The property will continue to be operated by Marriott International (MAR) under the JW Marriott and Ritz-Carlton brands, with the deal expected to close in Q3 2026 and be accretive to 2027 adjusted FFO per share.

MATERIALS

• Barrick Mining (B) - Q2 adj. EPS USD 0.82 (exp. USD 0.84), revenue USD 5.29bln (exp. USD 5.08bln). Q2 gold production 796,000oz, up 11% Q/Q and above guidance of 730,000-770,000oz. Cut 2026 total attributable CapEx to USD 3.8bln-USD 4.2bln from USD 4bln-USD 4.45bln, primarily reflecting lower Reko Diq spending. Reached an agreement with Newmont (NEM) to contribute excluded properties to Nevada Gold Mines, resolving outstanding JV disputes and securing USD 1.95 bln in consideration from Newmont. Advanced plans for an IPO of a minority stake in North American gold assets, with Mark Hill to become CEO.