Daily US Equity Opening News - ASML raises guidance after Q2 beat; MS beats; LION gets BOIVF interest

DAY AHEAD:

US INDEX FUTURES: ES +0.3%, NQ +0.5%, YM +0.3%, RUT +0.3%
BROKER MOVES: AIG upgraded at Piper Sandler; TRV downgraded at Morgan Stanley. For the full list, click here.
MAJOR MORNING MOVES RECAP: ASML, MS, PYPL, CAG, PNC. For the full list, click here.
US DAILY CONFERENCE CALENDAR: For the full list, click here.
CENTRAL BANKS: Bank of Canada is expected to keep rates unchanged at 2.25%, and there will be a press conference with Governor Macklem after the announcement. Fed Chair Warsh testifies to the US Senate, following his testimony to the House on Tuesday; Fed’s Williams (voter), Cook (voter) and Musalem (2028 voter) are also due to make remarks today. In the afternoon, the Fed will publish its Beige Book. Elsewhere, ECB’s Nagel will give remarks.
ENERGY: EIA weekly energy inventories due; afterhours on Tuesday, the weekly API inventory data reportedly showed headline crude stocks posting a smaller than expected draw of -0.6mln bbls (exp. -2.7mln), Cushing posted a build of +0.2mln bbls, distillates stocks saw a larger than expected build of +2.3mln bbls (exp. +1.0mln), and gasoline inventories saw a surprise draw of -1.7mln bbls (exp. +0.6mln).
EARNINGS: Notable US Corporates reporting today include: United Airlines (UAL), J.B. Hunt (JBHT).
PRIMER - WARSH SENATE TESTIMONY (15:00BST/10:00EDT): Fed Chair Warsh (voter) will give testimony to the Senate. At his House testimony on Tuesday, Warsh said the FOMC has “no tolerance for persistently elevated inflation,” describing soft June CPI as “one data point” he did not want to overread, adding that while the decline was better than expected, “mission accomplished” had not yet been reached. He said the FOMC’s job is to ensure short-term price changes do not broaden out, and flagged that both the size and duration of the Fed’s balance sheet are worthy of review. He hinted that interest rates are among the tools available to curb inflation, saying the Fed would have a “good family fight” about the extent and timing of deploying them. He is expected to echo these remarks to the Senate.
PRIMER – BOC POLICY ANNOUNCEMENT (14:45BST/09:45EDT): The BoC is expected to hold rates at 2.25%. Policymakers are comfortable that the current rate is sufficient to contain inflation, adopting a wait-and-see approach amid Middle East uncertainty and trade policy volatility. Governor Macklem has noted little pass-through from higher oil prices to broader goods and services prices, while renewed Hormuz tensions leave the inflation outlook uncertain. Newsquawk’s full BoC preview can be accessed here.

NEWS:

GEOPOLITICS

President Trump - Trump said US strikes on Iran will continue until he decides otherwise, with power plants and bridges among next week’s planned targets unless Iran returns to negotiations. Trump confirmed US officials spoke to Iran on Tuesday demanding a deal and that he held a Situation Room meeting on wider strike options. On the Hormuz toll proposal, Trump said he reversed course after Gulf states asked to handle fees differently, and offered investments instead, adding he does not think anyone should charge a fee in the strait.
US - CENTCOM launched additional strikes against Iran on Tuesday, targeting Qeshm Island, Bandar Abbas, Hengam Island, Bampur and Bandar Imam Khomeini, with air defences activating around the Bushehr Nuclear Power Plant. US forces simultaneously resumed the naval blockade of vessels transiting to and from Iranian ports. CENTCOM stated the strikes were aimed at eliminating emerging threats and degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz.
Iran - Iran’s IRGC struck US military facilities in Bahrain, Kuwait and Jordan, including the US Fifth Fleet Command HQ and fuel facilities in Bahrain, Ali Al Salem air base’s drone ramp in Kuwait, and US positions at Azraq base in Jordan. The IRGC said US aggression would only delay the opening of the Strait of Hormuz. Iran’s Deputy Foreign Minister said the MoU effectively no longer exists and that military pressure would not force Iran to request negotiations, though he left open the possibility of a return to talks.
Strait of Hormuz - A handful of vessels crossed the Straits after the US resumed its naval blockade of Iran and ship attacks increased, Bloomberg reports. A US-sanctioned super tanker carrying Iranian oil exited into the Gulf of Oman before stopping shortly afterwards, ship-tracking data showed.

MACRO

China Activity Data - Chinese GDP slowed to its weakest pace in more than three years, with Q2 GDP growth easing to 4.3% Y/Y (exp. 4.4%, prev. 5%), below the official target range of 4.5-5.0%, and rising 0.9% Q/Q (exp. 0.9%, prev. 1.3%). Bloomberg calculations showed that the GDP deflator turned positive for the first time in three years, rising 1.6% in Q2, as higher oil prices ended a record streak of deflation. Industrial production picked up to 5.3% Y/Y (exp. 4.7%, prev. 4.5%), with capacity utilisation at 73% (prev. 73.6%). Retail sales rose to 1.0% Y/Y (exp. -0.1%, prev. -0.6%). Unemployment fell to 5.0% (exp. 5.1%, prev. 5.1%). Fixed asset investment declined by a rate of -5.7% Y/Y (exp. -5%, prev. -4.1%). China’s stats bureau said economic operations are still within a reasonable range.
US Treasuries - Foreign holdings of US Treasuries rose USD 18.5bln in May to USD 9.37tln, the second-largest on record. Canada led the increase, with a USD 38.7bln jump to USD 435.8bln, while Japan, the largest foreign holder, drew down its stockpile by USD 66.8bln to USD 1.14tln. The UK’s holdings rose USD 11.1bln to USD 948.6bln and China’s gained USD 8.2bln to USD 659.3bln.

TECH

ASML Holdings (ASML) Q2 2026 (EUR): EPS 7.59 (exp. 6.97), Revenue 9.33bln (exp. 8.80bln). Gross margin 54.0% (exp. 52.0%; guided 51-52%; prev. 53.7% Y/Y), net income 2.92bln (exp. 2.62bln). CEO said AI-related investments and continued progress in AI technologies are driving demand, with customers accelerating capacity expansion plans and order intake remaining extremely strong in H1. It has entered high-volume production of Intel (INTC) 18A logic products using High NA EUV, plans to add 30% to its 2026 NA EUV capacity of around 65 systems for 2027, and plans to add 30% to its 2026 DUV immersion capacity of around 130 systems for 2027, while investigating further 30% capacity increases in 2028. Sees Q3 revenue between 11-12bln (exp. 10.4bln); raised its FY26 revenue guidance to 43-45bln (exp. 39.4bln; prev. saw 36-40bln), and raised its FY26 gross margin view to 54-56% (prev. saw 51-53%). CFO said updated guidance includes Musk Terafab demand (SPCX, TSLA); the number of high NA tools that have been shipped globally is in the low single digits; if China cannot expand chipmaking capacity, chips must be made elsewhere.
Intel (INTC), ASML Holdings (ASML) - Intel is using ASML’s EXE High NA EUV equipment in Oregon to manufacture part of its Ultra 3 chip range, Bloomberg reports. The deployment supports ASML’s case for broader adoption of the costly technology, while Intel seeks to restore manufacturing leadership and attract external foundry customers.
Alibaba (BABA) - Alibaba's Qwen AI will be integrated into Apple (AAPL) Intelligence in China, according to Chinese state media. Will enable users in China to access text and image understanding and content generation directly across iOS, iPadOS, macOS and visionOS without switching applications. Meanwhile, US companies are increasingly adopting open-weight Chinese AI models from Alibaba (BABA), Z.ai and Moonshot AI as cheaper, customisable alternatives to models from OpenAI and Anthropic, WaPo reports. Cloudflare (NET), Amazon (AMZN) Bedrock, Microsoft (MSFT) Azure, Shopify (SHOP) and Cursor have deployed them. However, security concerns have prompted scrutiny and deterred AT&T (T).
Samsung Electronics - Samsung Electronics plans to build a new DRAM fabrication plant at its Giheung semiconductor campus, replacing earlier plans for two research and development buildings, as it seeks to benefit from rising demand for AI memory, Korea Economic Daily reports. Separately, Samsung has yet to receive a volume-production order from Nvidia (NVDA) for HBM4 chips, with HBM revenue from the AI chipmaker so far limited to paid evaluation samples, according to Digitimes. Meanwhile, Samsung Electronics is reportedly mulling outsourcing the back-end design work for the input/out die of Google’s (GOOGL) 2nm-based tensor processing unit, The Lec reports.
China AI - Trump administration may pursue further executive action addressing China-related concerns over open-source AI models, according to Semafor citing an unnamed senior White House official.
OpenAI - OpenAI is developing a speaker-like home AI companion capable of controlling appliances, playing media, answering questions and responding to messages, Bloomberg reports. The IPO-bound company paid USD 6.5bln last year for io, the AI devices start-up founded by former Apple (AAPL) design chief Jony Ive. Elsewhere, OpenAI said it takes Apple’s lawsuit allegations seriously, but is unaware of evidence that the complaint has merit; it added that it supports competition and people working where they choose.
Nebius (NBIS) - Introduced a new business model that lets infrastructure partners deploy its full-stack AI cloud platform in their own AI data centres.
Mizuho (8411 JT) - To collaborate with Nvidia (NVDA) to create an environment where AI can be utilised without disclosing customer information or other sensitive data, Nikkei reports.
Broadcom (AVGO) - Chief Legal Officer Mark Brazeal sold 25k shares of common stock on July 10th in a total transaction size of USD 10.03mln.
CXMT - Chinese memory chipmaker CXMT is seeking to raise RMB 66.6bln in a Shanghai Stock Exchange IPO that would value the company at RMB 579.2bln, according to an exchange filing cited by the FT. The offering would be mainland China’s largest IPO since Agricultural Bank of China’s listing in 2010.
Australia AI - Australia PM Albanese said it plans to introduce a national AI framework requiring large data centre operators to underwrite new power supplies and pay full grid connection and water infrastructure costs, with strong copyright protections for creative works. Albanese said legislation would be brought to parliament early next year.
IBM (IBM) - Launched new Power Systems and software built for enterprises to address risk, productivity and flexibility. New IBM Power Autonomous Operations software identifies and resolves capacity constraints up to 15x1 faster than manually performing the operation. IBM Bob Premium Package for i helps accelerate application development on IBM i.
CoreWeave (CRWV) - Reportedly exploring the use of financial derivatives to hedge against a potential decline in memory and storage chip prices, reflecting efforts to manage risk tied to its long-term supply agreements with chipmakers amid the AI infrastructure buildout, Reuters reports.
PagerDuty (PD) - PagerDuty appointed Alkami (ALKT) CEO Alex Shootman to its board, effective 14th July. Elsewhere, Elena Gomez has resigned to focus on her roles as president and chief financial officer at Toast (TOST).
Broadcom (AVGO) - Chief Legal Officer Mark Brazeal sold 25K shares on 10th July, for a total USD 10.03mln.
Arista Networks (ANET) - CEO Jayshree Ullal sold 234.6K shares on 10th July, for a total USD 43.9mln.
Aehr Test Systems (AEHR) Q4 2026 (USD): EPS 0.11 (exp. -0.01), Revenue 18.84mln (exp. 18.69mln). Sees FY27 revenue of 130-150mln (exp. 85.14mln).
NetApp (NTAP), Oracle (ORCL) - Companies tto launch fully managed cloud storage service for demanding AI and enterprise workloads
TomTom (TMOAY) - TomTom returned to operating profit in Q2, reporting EBIT of EUR 8.5mln (exp. EUR 8mln), revenue EUR 134.6mln (exp. EUR 135mln), with operating margin turning positive at 6%; it confirmed its FY revenue outlook of EUR 495-555mln (exp. EUR 546.5mln), and guided for a return to revenue growth from 2027.
Nokia (NOK) - Nokia will sell an AI-RAN solution from 2027 through its Nvidia (NVDA) partnership. Built on Nokia’s AI-native anyRAN software and Nvidia’s Aerial AI-RAN platform, it targets more than 100% spectral-efficiency gains by 2028. Nokia will support three accelerated-computing baseband platforms and make its existing portfolio fully ORAN-compliant.

COMMUNICATIONS

Google (GOOGL) - Google Search's AI Overviews and AI mode poses an unacceptable risk to children, Axios reports, citing a report. Meanwhile, the European Commission is to issue fines totalling hundreds of millions of Euros across multiple decisions against Google, FT reports, citing sources; the decision is due in the coming week. Could see a threat of daily market penalties and/or fresh requirements under the DMA.
Lionsgate (LION), Bollore (BOIVF) - Lionsgate Studios is exploring a sale after attracting interest from Bollore and Banijay, Reuters reports. Lionsgate is valued at about USD 3.8bln, and is assessing approaches with advisors; no deal is certain. Bollore is seeking to strengthen Canal+ production capabilities, while Banijay remains focused on integrating All3Media.
Paramount Skydance (PSKY), Warner Bros. Discovery (WBD) - The Writers Guild of America West and Writers Guild of America East sued to block Paramount Skydance’s proposed USD 111bln acquisition of Warner Bros. Discovery, Variety reports. The guilds allege federal antitrust violations and harm to writers. The filing followed separate antitrust litigation from 12 state attorneys general.
TKO Group (TKO) - Director Nick Khan sold 9.6K shares on 13th July, for a total USD 1.75mln.

FINANCIALS

Morgan Stanley (MS) Q2 2026 (USD): EPS 3.46 (exp. 2.93), Revenue 21.3bln (exp. 19.65bln). Revenue breakdown Wealth Management 8.9bln (exp. 8.68bln, prev. 7.764bln Y/Y), Investment management 1.646bln (prev. 1.552bln Y/Y), Institutional securities 11.04bln (prev. 7.643bln Y/Y), Equities Revenue 6.3bln (exp. 4.47bln), Fixed Income 2.455bln (exp 2.56bln, prev. 2.18bln Y/Y), Investment Banking 2.437bln (prev. 1.54bln Y/Y). Other metrics: Net Interest Income 2.78bln (exp. 2.72bln), Provision for credit losses 98bln. Morgan Stanley assets of wealth management clients reached USD 10tln.
BlackRock (BLK) Q2 2026 (USD): Adj. EPS 13.91 (exp. 12.61), Revenue 7.08bln (exp. 6.73bln). AUM 15.34tln (exp. 15.19tln). Total net inflows USD 191.7bln in Q2, and USD 868bln over the last twelve months, driving 10% organic base fee growth. Long-term net inflows were USD 199bln, led by ETFs at USD 178bln. Repurchased USD 450mln of shares in Q2 and increased planned quarterly repurchases to USD 550mln, lifting planned 2026 buybacks to USD 2bln. CEO said market fundamentals remain strong, clients are turning to BlackRock for insights and opportunities, and the breadth of its public markets, private markets and technology platform is powering durable growth. Said organic base fees are over 50% higher than a year ago, with management pointing to a path toward structurally higher margins and sustained double-digit earnings growth.
PayPal (PYPL) - Stripe and Advent International have submitted a joint offer to acquire PayPal at USD 60.50/shr, valuing the company at over USD 53bln (a 28% premium to Tuesday’s close), according to sources cited by Reuters. The bid is backed by approximately USD 50bln in committed bank financing, with Stripe and Advent each holding equal stakes under the proposal. PayPal has not yet responded to the approach, which was first made in early April.
Progressive (PGR) Q2 2026 (USD): EPS 5.67 (exp. 5.35), Net Premiums Written 21.1bln (exp. 29.5bln).
PNC Financial Services Group Inc. (PNC) Q2 2026 (USD): EPS 4.81 (exp. 4.46), Revenue 6.88bln (exp. 6.51bln). NII 4.12bln (exp. 4.11bln). Increased quarterly common stock dividend 30 cents, or 18%, to USD 2.00 per share. Raised FY26 revenue view to +13% from +11%.
Goldman Sachs (GS) - Goldman raised USD 10bln in a three-part investment-grade bond sale with maturities ranging from six to 31 years, attracting peak orders of approximately USD 32bln, following record Q2 equity trading results of USD 7.42bln and a 32% Y/Y increase in FICC revenues. Goldman has sold USD 44bln in US dollar investment-grade bonds year-to-date, including a USD 16bln transaction that was the largest by a major US bank this year.
Travelers (TRV) - Downgraded at Morgan Stanley to 'Underweight' from 'Equal Weight' with a USD 290 PT (prev. 333). The firm believes the stock's risk/reward has turned negative following the recent rally. Travelers has outperformed peers, rising 33% over the last 12 months, leaving the stock trading near all-time highs on price-to-book. Morgan Stanley believes the company's return on equity is entering a softening phase.
Insurance names - Piper Sandler adjusted six ratings in the insurance space. As market price softening accelerates, Piper identified areas of the insurance industry that remain resilient. The firm said that as the cycle progresses, investors should look for smaller companies that are "able to avoid the harsh pressures of a soft market and are still able to grow." Piper Sandler downgraded Universal Insurance (UVE) downgraded to 'Neutral' from 'Overweight' with a USD 44 PT (prev. 44), The Hanover (THG) downgraded to 'Neutral' from 'Overweight' with a USD 220 PT (prev. 220), Hartford (HIG) downgraded to 'Neutral' from 'Overweight' with a USD 146 PT (prev. 148), Aon plc (AON) downgraded to 'Neutral' from 'Overweight' with a USD 377 PT (prev. 355), AIG (AIG) downgraded to Neutral from Overweight with a USD 80 PT (prev. 88); Arthur J. Gallagher (AJG) upgraded to Overweight from Neutral with a USD 276 PT (prev. 225).
M&T Bank (MTB) Q2 2026 (USD): Adj. EPS 5.35 (exp. 4.66), CET1 capital ratio 10.19%.
First Horizon (FHN) Q2 2026 (USD): EPS 0.54 (exp. 0.52).
BNY Mellon (BNY) Q2 2026 (USD): EPS 2.45 (exp. 2.22), Revenue 5.7bln (exp. 5.41bln).
JPMorgan (JPM) - Expanding its corporate banking business across Europe, the Middle East, and Africa, with plans to hire 30 senior bankers by year-end, Reuters reports. The move supports the firm's initiative to facilitate USD 1.5tln in financing for national security-related industries, including up to USD 10bln of JPMorgan's own capital.
Synchrony (SYF) June credit card charge-offs 4.09% (prev. 4.17%).

MATERIALS

BASF (BAS GY) Q2 2026 (EUR): Net income 4.1bln (exp. 2.4bln, prev. 0.079bln Y/Y), Adj. EBIT 1.5bln (exp. 1.14bln), Revenue 17.2bln (exp. 16.2bln). Raised FY26 EBITDA before special items to between EUR 6.9-7.7bln (exp. 7.3bln, prev. guided 6.2-7.0bln).
China Aluminium Output - China aluminium output rose +4.7% Y/Y to a record 3.98mln tons; coal output dropped 9.7% to 381mln tons following the post-Shanxi disaster safety reviews.
Rio Tinto (RIO) - Rio Tinto reported Q2 Pilbara iron ore sales of 85.3mln tons (exp. 83.1mln), with shipments rising +17% Q/Q and +5% Y/Y to 88.8mln tons following cyclone disruptions in Q1. Copper output fell 7% Q/Q to 213K tons after an unplanned furnace shutdown at its Kennecott smelter in Utah, which is expected to remain affected for six months; FY copper guidance of above 800K tons was maintained. FY Pilbara iron ore shipment and sales guidance was held at 323-338mln and 343-366mln respectively. The Middle East conflict has had no material operational disruption, but lifted diesel costs to approximately USD 140/bbl (prev. around USD 85/bbl), adding around USD 0.80/ton to Pilbara costs.
Antofagasta (ANFGY) - Antofagasta reported Q2 copper production of 142K tonnes (exp. 156.4K), copper sales of 267.8K tonnes (prev. 324K Y/Y), gold production of 92.8K ounces (prev. 91.2K) and molybdenum production of 6.1K tonnes (prev. 7.4K Y/Y); it maintained FY guidance, and expects higher copper output through year-end.
Alcoa (AA) - Australia, Japan, the US and Alcoa reached a final investment decision on a gallium plant at Alcoa’s Wagerup alumina refinery in Western Australia. Alcoa will build and operate the facility, which will support critical-mineral supply chains. The project is not expected to materially affect Alcoa’s finances.

INDUSTRIALS

Pentair (PNR) - Pentair appointed Robert Fishman as interim executive vice-president and CFO after Nicholas Brazis resigned on 10th July to join a private company. Fishman previously served as Pentair’s CFO from 2020 to March 2026. Pentair reported Q2 prelim. Adj. EPS 1.12 (exp. 1.48), Q2 prelim. Revenue of USD 930mln (exp. 1.14bln); it cut Q2 guidance due to Pool channel destocking, which negatively impacted Pool segment sales by ~USD 170mln and Pool segment income by ~USD 105mln, partly offset by ~USD 35mln of IEEPA refunds. CEO said the headwinds are temporary and that it’s taking decisive actions to adapt to current demand while positioning the business for normalised performance in 2027, with Flow and Water Solutions performing generally in line with expectations. It lowered FY26 guidance and sees adj. EPS between 4.60-4.80 (exp. 5.34; prev. saw 5.30-5.40) and revenue down approximately 4-7% Y/Y (exp. 4.28bln; prev. saw up 2-4%).
Aerospace/defence - Morgan Stanley says that while aerospace and defense fundamentals remain constructive heading into Q2 earnings, volatility and valuation changes "demand greater selectivity." Morgan Stanley downgraded four names into earnings, citing relative risk/reward profiles. Voyager Technologies (VOYG) downgraded to 'Underweight' from 'Equal Weight' with a USD 39 PT (prev. 39), CAE (CAE) downgraded to 'Underweight' from 'Equal Weight' with a CAD 37 PT (prev. 43), TransDigm (TDG) downgraded to 'Equal Weight' from 'Overweight' with a USD 1,345 PT (prev. 1,680), Loar Holdings (LOAR) downgraded to 'Equal Weight' from 'Overweight' with a USD 82 PT (prev. 91).
Cintas (CTAS) Q4 2026 (USD): EPS 1.26 (exp. 1.24), Revenue 2.91bln (exp. 2.87bln). Next FY EPS 5.36-5.50 (exp. 5.44), Next FY Rev. 12.1-12.5bln (exp. 12.07bln). CEO "We delivered record revenues and operating margins."

HEALTHCARE

Johnson & Johnson (JNJ) Q2 2026 (USD): Adj. EPS 2.90 (exp. 2.86), Revenue 25.3bln (exp. 25.02bln). Other Metrics: Net Income 7.08bln (exp. 6.96bln). FY Guidance: Adjusted operational EPS between 11.50-11.65 (prev. saw 11.30-11.50); Adjusted EPS between 11.60-11.75 (exp. 11.59, prev. saw 11.45-11.65); Sales 100.8-101.4bln (exp. 101.04bln prev. saw 100.3-101.3bln); Operational sales between 100.3-100.9bln (prev. saw 99.7-100.7bln). Commentary: Innovative Medicine's worldwide operational sales grew 6.8%, with divestitures negatively impacting growth by 10 basis points. Growth was primarily driven by DARZALEX, CARVYKTI, TECVAYLI and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and Other Immunology in Immunology, and SPRAVATO and CAPLYTA in Neuroscience. Growth was partially offset by STELARA (an approximate 760 basis points impact) and REMICADE in Immunology, as well as IMBRUVICA and ZYTIGA in Oncology. Said management sees a line-of-sight to double-digit growth by the end of the decade and a more aggressive long-term trajectory than the current 5.6% company-wide growth rate
Elevance Health Inc. (ELV) Q2 2026 (USD): Adj. EPS 7.45 (exp. 6.21), Revenue 49.8bln (exp. 48.8bln); sees FY adj. EPS of at least 27/shr (exp. 26.87/shr), op. margin 3.5%, adj. op. margin 3.6%. CEO said results exceeded the outlook, supported by disciplined execution and improved operating performance. Elevance is accelerating investments in medical cost management, member experience, provider connectivity, operating efficiency and Carelon’s value-based solutions. Benefit expense ratio at 89.7%, up 80 bps Y/Y, driven by an expected elevated medical cost trend in our Government businesses, partially offset by improved performance in Individual ACA compared to the prior year. Elevance says it remains confident in returning to "at least" 12% adjusted EPS growth in 2027, citing progress across the portfolio.
Eli Lilly (LLY) - A new preprint study found that potential signs of frailty in older adults taking Zepbound may be associated with a higher risk of adverse outcomes, highlighting concerns as Medicare expands GLP-1 coverage, Reuters reports. The study has been submitted for peer review but has not yet been published.
Merck (MRK) - Merck's Phase 3 Keytruda study met its primary endpoint of progression-free survival (PFS) for the treatment of patients with mismatch repair deficient (dMMR) advanced or recurrent endometrial cancer.
Roche (RHHBY) - Roche unveiled plans for its PrevenTRON Alzheimer’s disease trial, which will recruit 1,600 people and use its experimental trontinemab antibody; the FDA also granted priority review for Gazyva for primary membranous nephropathy.
Regeneron (REGN) - Regeneron’s dupilumab received orphan drug designation from the FDA.
Qiagen (QGEN) - Qiagen launched the CE-IVDR-certified QIAstat-Dx BCID GN Plus AMR Panel in Europe, detecting 13 gram-negative pathogens and 18 resistance markers in about one hour.
Alignment Healthcare (ALHC) - CEO sold 298k shares of common stock on July 10th in a total transaction size of USD 5.92mln.
Kestra Medical (KMTS) Q4 2026 (USD): EPS -0.67 (exp. -0.58), Revenue 28.64mln (exp. 26.48mln).
Celcuity (CELC) - Received FDA approval for REVTORPYK for HR-positive, HER2-negative locally advanced or metastatic breast cancer without a detected PIK3CA mutation, after progression on at least one line of endocrine therapy in the metastatic setting. Celcuity said REVTORPYK is the first FDA-approved pan-PI3K, mTORC1/2 inhibitor and expects a commercial launch in late Q3 2026.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Leo to be available to residential customers in South Africa from 2027. Meanwhile, Canadian battery maker Electrovaya has secured a commercial agreement and warrant transaction with Amazon, Axios reported.
Richemont (CFRUY) - Richemont Q1 sales were up +20% (exp. 11%), jewellery division sales +24%; specialist watchmakers +8%; its Americas sales rose +27%, with growth seen across all regions, including a returning to growth in the Middle East and Africa. Reports said that the results underscores Richemont’s resilience relative to broader luxury sector peers amid Chinese demand weakness and Middle East disruption.
PVH Corp. (PVH) - PVH appointed Alexis Rollier as CFO, and will join in early September.
Domino’s (DPZ) - Domino’s Pizza appointed Michael Creedon and Anneliese Olson to its board and elected Corie Barry as lead independent director. Barry, Best Buy’s (BBY) CEO, replaces Richard Federico, who remains a director and audit committee chair. Creedon is Dollar Tree’s (DLTR) CEO, while Olson leads HP’s (HPQ) Imaging, Printing and Solutions business.
Ulta Beauty (ULTA) - Ulta Beauty appointed Kelly Garcia as CTO, effective 31st August. Garcia, an Ulta Beauty director since 2022, will resign from the board upon starting the role. He most recently served as Domino’s Pizza (DPZ) executive vice-president and CTO from July 2012.
Xpeng (XPEV) - Plans to launch humanoid Robot globally next year, according to reports, citing sources; Xpeng aims to produce more than 1,000 robots a month by end-2026.

CONSUMER STAPLES

Conagra Brands (CAG) Q4 2026 (USD): Adj. 0.47 (exp. 0.46), Revenue 2.88bln (exp. 2.89bln); sees FY27 adj. EPS at 1.40-1.50 (exp. 1.58). Cut quarterly dividend to USD 0.175/shr (prev. 0.35). Sees Q1 organic revenue growth down low single digits. Said we simply haven't invested enough behind our brands and we’ll evaluate strategic options for non-core businesses.
Phoenix Education (PXED) Q3 2026 (USD): Adj. EPS 1.43 (exp. 1.32), Revenue 271.8mln (exp. 271.25mln); cut FY26 revenue view to 1.02-1.025bln (exp. 1.03bln, prev. 1.025-1.035bln).

ENERGY

China Refining Output - China’s oil refining output fell 18% Y/Y to 51.24mln tons in June, the lowest since March 2020, as demand weakness and Persian Gulf supply disruptions weighed on the sector. Independent refiners were worst hit given their reliance on Iranian crude, with operating rates falling to a nine-year low.
Aker BP (AKRBF) Q2 2026 (USD): Revenue 3.68bln (exp. 3.65bln), EBITDA 3.35bn (exp. 3.25bln); it raised its 2026 capex guidance to 6.8-7.2bln, and also nudged up the low end of its 2026 production view to 380-400K boepd.