INTC upsizes share sale to USD 20bln on strong demand; RIOT surges on USD 9.1bln Anthropic deal

• US INDEX FUTURES: ES +0.2%, NQ +0.4%, YM +0.1%, RUT +0.2%
• BROKER MOVES: BA upgraded at Argus; APP downgraded at BofA. For the full list, click here.
• MAJOR MORNING MOVES RECAP: INTC, GETY, RIOT, RKLB, HIMS, CAH, ONON, PLUG, ACVA. For the full list, click here.
• US DAILY CONFERENCE CALENDAR: HON, AMD, EQIX, DLR, INTC, WDC. For the full list, click here.
• DATA: In North America, US existing home sales are expected to ease to 4.04mln (prev. 4.09mln).
• SUPPLY: US to sell USD 58bln of 3-year notes.
• ENERGY: After hours the API will publish weekly energy inventory data.
• EARNINGS: Notable corporates reporting today include: Lumentum Holdings Inc. (LITE), CoreWeave Inc. (CRWV), Super Micro Computer Inc. (SMCI).

NEWS:

GEOPOLITICS:

• US-Iran - Pakistani Defence Minister reportedly signalled that the US and Iran are close to some agreement; says the situation is moving towards peace. Meanwhile, President Trump demanded reparations from Iran as negotiations over reopening the Strait continued, while Iran seeks compensation for war damage, an end to the US naval blockade, and release of frozen assets. Analysts said that the hardened positions reduced any prospects for an immediate deal. US forces reportedly fired on a Panama-flagged ship that attempted to run the American blockade of Iranian ports early Tuesday, according to WSJ citing a US official. WSJ notes: "Earlier Tuesday maritime security firm Vanguard reported that a Panama-flagged containership called Vela Nova was struck by a missile fired from a helicopter while transiting westbound through the Gulf of Oman about 71 nautical miles from the coast of Pakistan."
• Bab al-Mandab - A maritime incident was reported in Bab al-Mandab, with a ship (reportedly a Saudi vessel) targeted by the Yemeni army.
• Libya - A drone attack on Libya’s Zawiya refinery destroyed a storage tank holding 4.5mln litres of vehicle fuel, prompting the NOC to declare an emergency. Another drone targeted an affiliated oil blending and packaging plant. Four attacks have hit Zawiya in three days, with no group claiming responsibility.

TECH:

• Nvidia (NVDA) - Nvidia confirmed that it has signed agreements with Apollo Global Management (APO), Blackstone (BX), BlackRock (BLK), Brookfield Asset Management (BAM), Goldman Sachs (GS) and KKR (KKR) to mobilise more than USD 500bln of third-party capital for AI infrastructure and Nvidia hardware. CEO Jensen Huang said the initiative aims to establish compute as a financeable, revenue-generating asset class, using institutional credit, insurance funds and private capital.
• Intel (INTC) - Intel increased its share sale to USD 20bln from an initially touted USD 15bln; the offering has reportedly attracted more than USD 100bln in demand. Priced at USD 95/shr+ (vs closing price of USD 97.52/shr on Monday).
• TSMC (TSM) - TSMC’s CPU revenue could reach the high USD 30bln range in 2027, representing a mid-teens share of total revenue and rivalling AI accelerators in wafer revenue contribution, Bernstein analysts said. Bernstein raised its TSMC target price to TWD 3,300 (from TWD 2,780), citing faster CPU growth driven by agentic AI. Meanwhile, TSMC has approved the formation of a new JV with Sony Semiconductor Solutions (SONY) to develop and manufacture next-generation image sensors. The joint venture is valued at no more than JPY 282bln.
• Apple (AAPL) - Apple remains on track to launch glass-centric iPhone Pro models in 2027, with curved glass extending into the sides around a central metal band, Bloomberg reports. A more ambitious all-glass design was scrapped over manufacturing difficulties. The report adds that Apple’s 2027 plans are in advanced testing.
• OpenAI - OpenAI completed a roughly USD 7bln secondary share sale allowing current and former employees to sell stock at an USD 852bln valuation, CNBC confirmed. The tender offer follows OpenAI’s USD 122bln March funding round, and comes ahead of a potential IPO, which OpenAI filed its prospectus with the SEC in June. Separately, OpenAI is hiring a power trading lead to manage electricity and fuel exposure across its data centre portfolio, as it expands energy capabilities as electricity demand from its AI infrastructure grows.
• SK Hynix (SKHY) - To reportedly increase NAND Production in China by 50%, sedaily reports.
• Anthropic - Anthropic is meeting potential investors ahead of a targeted September or early October IPO, seeking to address concerns over Chinese competition, US political tensions and data centre opposition, WSJ reports. Anthropic said its run-rate revenue exceeded USD 47bln in May, and plans further expansion into healthcare and biology AI applications.
• IBM (IBM) - Entered a multi-year USD 240mln agreement with Together AI to deploy a large cluster of Nvidia (NVDA) HGX B300 systems on IBM Cloud, with availability expected in Q1 2027. The deployment will be the first dedicated large-scale inference cluster using HGX B300 systems and NVIDIA Spectrum-X networking on IBM Cloud, enabling Together AI to provide open-source model inference to enterprises.
• CoreWeave (CRWV) - CoreWeave closed a USD 2.6bln loan facility backed by AI, financial services and technology customers. The facility has an approximate 5yr, extending beyond the average 3yr length of underlying customer contracts. CoreWeave said the structure improves financing flexibility for shorter-dated contracts, broadening access to enterprise customers and higher-margin deals.
• AppLovin (APP) - Downgraded at BofA to Neutral from Buy with a USD 400 PT (prev. 430). The risks to AppLovin's articulated 30% year-over-year long-term revenue growth forecast have increased, and innovations in support of 30% growth are also more risky. The firm did not reduce its multiple because it thinks AppLovin will not lose significant market share, but it thinks it is more likely that AppLovin becomes viewed as a mature adtech platform, barring a new innovation cycle.
• Amkor Technology (AMKR) - Amkor Technology is considering selling a stake in its China business, which could be valued at USD 1.0-1.5bln, Bloomberg said. It is working with an advisor on a potential carveout, and may retain a minority holding. Discussions are preliminary, with Asian investment firms and industry players expected to show interest.
• Kioxia Holdings (KXIAY) - Kioxia said Bain Capital vehicle BCPE Pangea Cayman2 became its largest shareholder with a 14.19% stake after Toshiba reduced its holding to 14.12%. SK Hynix (SKHY) holds bonds convertible into substantially all of BCPE Pangea Cayman2’s voting rights, and has agreed to keep its Kioxia voting stake at or below 15% until 2028.
• First Solar (FSLR) - Bair initiated coverage of FSLR with an Outperform rating. The company will benefit from a strong utility scale market while the Section 232 tariffs remove an overhang for bookings to resume. Baird also believes First Solar's estimates are now "more appropriately calibrated." The Section 232 overhang being removed "simplifies the story" and will catalyze First Solar's bookings for 2029-2030, the firm argued.
• Ambiq Micro (AMBQ) - Q2 EPS -0.32 (exp. -0.26), revenue USD 33.9mln (exp. USD 31.51mln); sees Q3 EPS (USD 0.20)-(USD 0.12) (exp. -0.27) and revenue USD 36-37mln (exp. USD 34mln).
• Life360 (LIF) - Q2 EPS USD 0.06 (exp. USD 0.02), revenue USD 159mln (exp. USD 156.72mln); sees FY26 revenue USD 650-685mln (exp. USD 671.3mln), with revenue growth expected to accelerate in H2 2026.
• AST SpaceMobile (ASTS) - Q2 EPS -0.77 (vs -0.41 Y/Y), Q2 revenue USD 31.5mln (exp. 34.5mln). Sees FY26 revenue between USD 150-200mln (exp. 155.7mln).
• Kyndryl (KD) - Kyndryl plans to acquire Healthcare IT Leaders for an undisclosed amount to expand its AI-led healthcare IT modernisation capabilities. Completion is expected in Q2 FY27.

COMMUNICATIONS:

• Alphabet (GOOG) - Google DeepMind’s AGI Safety and Alignment Team is encouraging job candidates to submit a separate form alongside applications to reduce the risk of being automatically screened out by Google’s internal AI systems, Bloomberg reports. Meanwhile, Google announced the expansion of global network infrastructure in the Americas with three new subsea cable systems. Separately, France's National News Information Alliance has filed a complaint with the antitrust regulator against Google (GOOGL) over its AI business.
• Trump Media (DJT) - Q2 EPS -0.86 (vs -0.08 Y/Y), Q2 revenue USD 1.67mln (vs 0.883mln Y/Y). Net loss widened to USD 238.1mln, while total assets were approximately USD 2.0bln. Interim CEO said the company has tightened capital allocation and is prioritising its core media businesses alongside the proposed merger with TAE Technologies, which management views as a key long-term value driver tied to energy infrastructure. Expects legal expenses to decline materially going forward.
• Upwork (UPWK) - Shares fell after Q2 as below-consensus Q3 and FY26 guidance overshadowed an earnings beat, with GSV declining 4% Y/Y; Q2 EPS USD 0.41 (exp. USD 0.34), revenue USD 191.7mln (exp. USD 189.97mln); cut FY26 EPS view to USD 1.38-1.43 (exp. USD 1.54, prev. USD 1.50-1.55) and revenue view to USD 730-750mln (exp. USD 776.04mln, prev. USD 760-790mln), while sees Q3 EPS USD 0.31-0.33 (exp. USD 0.41) and revenue USD 176-184mln (exp. USD 193.79mln).
• Webtoon Entertainment (WBTN) - Q2 adj. EPS USD 0.04 (exp. -0.07), revenue USD 338.47mln (exp. USD 339.46mln); agreed to acquire a 60% stake in RI Games Holdings for ~USD 100mln, with plans to develop and launch multiple games based on Webtoon IP over the next four years; sees Q3 revenue USD 358-368mln (exp. USD 387.72mln) and adj. EBITDA USD 0-5mln.
• Getty Images (GETY) - Q2 adj. EPS -0.05 (exp. 0.02), Q2 revenue USD 229.1mln (exp. 237.29mln). Results were pressured by continued weakness in Agency and iStock e-commerce, while enterprise-facing businesses remained resilient and continued to grow. Getty is actively assessing measures to improve liquidity, and has engaged advisors to evaluate strategic financing alternatives and balance sheet management initiatives.
• Tencent Music Entertainment (TME) - Q2 adj. earnings per ADS RMB 1.70 (exp. RMB 1.62), revenue RMB 8.93bln (exp. RMB 8.79bln).

CONSUMER CYCLICALS:

• Tesla (TSLA) - Recalling 20,349 vehicles in the US over low beam headlights that may be excessively bright, potentially reducing visibility for oncoming drivers and raising crash risk, the NHTSA said. The recall affects certain Model 3 and Model Y vehicles.
• Amazon (AMZN) - NY City Mayor Mamdani backed the Delivery Protection Act, which would license certain last-mile facilities, impose safety, training and labour standards, and hold operators such as Amazon responsible for workers performing core services. The proposal also aims to regulate delivery quotas, schedules and routes and strengthen oversight of subcontracting practices.
• China Vehicle Sales - CPCA data showed China sold 1.47mln passenger cars in July (vs 1.651mln in June; -21.1% Y/Y). Tesla (TSLA) exported 66,330 vehicles in July (vs 36,000 in June).
• Tesla (TSLA), SpaceX (SPCX) - Tesla’s 2025 CEO Performance Award Agreement contains a clause waiving all operational targets upon an acquisition, WSJ says. A SpaceX takeover (over which CEO Musk holds roughly 86% of the vote) would leave only market-value thresholds to determine his payout, with a sufficiently high deal price potentially unlocking the full 424mln shares, capped at approximately USD 824bln.
• General Motors (GM) - General Motors will sell its 49.99% stake in a planned USD 3.5bln Indiana EV battery joint venture to Samsung SDI, which will operate the site as a wholly owned entity, Bloomberg reports. The plant will also produce energy-storage cells. GM and Samsung SDI separately agreed to develop next-generation prismatic EV batteries.
• Lululemon (LULU) - Lululemon chief strategy officer Rachel Acheson left the company about a month before Heidi O’Neill is due to become CEO on 8th September. Acheson had worked at Lululemon for more than 14 years.
• Airbnb (ABNB) - Downgraded at Phillip Securities to Reduce from Neutral with a USD 158 PT (prev. 136). The recent share rally has pushed Airbnb to a premium valuation, the firm argued. Asia-Pacific and Latin America are growing at two-times the rate of Airbnb's mature markets but are too small to offset the slowdown, leaving the company's sales growth hinged on North America. Phillip says Airbnb's new businesses beyond rentals offer longer-term upside but are unlikely to be material over the next five years.
• Best Buy (BBY) - Upgraded at Truist to Buy from Hold with a USD 95 PT (prev. 81). The firm's credit card reads are positive for Best Buy's Q2 report. The market will likely extrapolate the company's Q2 trends to the second half of 2026. Truist believes improvement at Best Buy is being driven by continued replacement demand, internal changes like appliance delivery, and emerging product cycles. AI proliferation in consumer markets "could result in a much larger runway" for Best Buy.
• Under Armour (UAA) - Downgraded at Barclays to Underweight from Equal Weight, citing a "delayed brand recovery" in a competitive athletic sector. Under Armour also faces "macro-related consumer malaise," the firm added. Barclays prefers retail brands with increased pricing power and sees higher-returning options elsewhere in the group. It believes product and macro pressures are delaying Under Armour's turnaround.
• Toyota (TM) - Toyota is recalling 508,354 vehicles in the US, including certain 2025-2026 Camry Hybrid models, due to an instrument cluster defect that can prevent critical safety information from being displayed. The failure may also deactivate hazard lights, turn signals, seat belt warnings and the smart key reminder, increasing the risk of a crash or injury, according to NHTSA.
• ACV Auctions (ACVA) - Exploring strategic options, including a potential sale, after receiving takeover interest, Bloomberg reports. The company is working with financial advisers and is also considering a strategic partnership, though any deal remains weeks away and ACV could ultimately remain independent.
• On Holding (ONON) - Q2 adj. EPS CHF 0.31 (exp. CHF 0.42), Q2 revenue CHF 850.3mln (exp. CHF 878mln); net sales rose 13.5% Y/Y, DTC sales rose 26.0% to CHF 388.4mln, and gross margin expanded 390bps to 65.4%; raised FY26 gross margin view to at least 65.0% and maintained adj. EBITDA margin view of 19.5%-20.0%, while seeing FY26 revenue CHF 3.47-3.56bln (exp. CHF 3.56bln).
• Sea Limited (SE) - Q2 EPS 0.70 (exp. 0.86), Q2 revenue 7.8bln (exp. 7.09bln).

CONSUMER STAPLES:

• Smithfield Foods (SFD) - Q2 EPS USD 0.62 (exp. USD 0.60), revenue USD 3.7bln (exp. USD 3.65bln); raised FY26 revenue view to roughly flat from up low-single digits and backed FY26 capex view of USD 350-450mln.
• Processed Food - The FDA proposed requiring companies to notify it about new food ingredients and explain why they are safe, while delaying a definition of ultra processed food, WSJ reports. The rule would make ingredient information public but stop short of requiring pre-market approval. Health officials said stronger regulation would require congressional action.
• Flowers Foods (FLO) - Flowers Foods is seeking to divest its Tastykake baked goods business, which could be valued at around USD 350mln, according to sources cited by Reuters. Flowers is reportedly working with advisors on the process as it shifts towards higher-growth brands.
• InterContinental Hotels (IHG) - H1 2026 revenue USD 2.66bln (exp. 2.67bln), operating profit of USD 671mln (prev. 623mln Y/Y); Q2 global RevPAR +4.1%, Americas RevPAR +4.8%, Greater China +3.1%. IHG said it remains on track to return over USD 1.2bln to shareholders in 2026.

FINANCIALS:

• Goldman Sachs (GS) - Brazilian police named two Goldman Sachs employees as suspects in an investigation into whether the bank misrepresented the ultimate ownership of a stake in Oncoclinicas do Brasil Servicos Medicos, Bloomberg reports. Police said the employees knowingly participated in efforts to mislead Oncoclinicas, securities regulator CVM, exchange operator B3 and investors.
• Morgan Stanley (MS) - Morgan Stanley plans to facilitate about USD 1.5tln of investment activity over the next decade tied to US innovation and infrastructure. The initiative will cover capital raising, financing and advisory work across innovation platforms and strategic industries, infrastructure, and growth-company capital.
• Riot Platforms (RIOT) - Riot shares surged in extended US trading on news that it has struck a USD 9.1bln deal with Anthropic for 191 megawatts of AI data centre capacity in Texas, under a contract running through June 2048. Extension options could lift Riot’s total sales to USD 16.1bln. Meanwhile, Riot reported Q2 revenue of 174.2mln (exp. 152.88mln).
• Blackstone (BX) - Blackstone is nearing a roughly USD 2bln deal for a minority stake in Air Canada’s Aeroplan loyalty programme, Bloomberg says. Canadian funds are also expected to invest alongside Blackstone.
• Allstate (ALL) - Downgraded at Citi to Sell from Neutral with a USD 240 PT (prev. 226). Citi believes the company is "significantly over-earning today," making it cautious that Allstate's growth can improve from here. The stock's valuation is likely to move lower with Allstate's returns on equity.
• Intercontinental Exchange (ICE) - Filed for five-part senior notes offering; size not disclosed.

INDUSTRIALS:

• Rocket Lab (RKLB) - Shares fell in extended trading after a wider than expected quarterly loss, outweighing stronger revenue, an above-consensus outlook, backlog growth and confirmation that its Neutron rocket remains on track. Q2 EPS -0.08 (exp. -0.05), Q2 revenue USD 234.07mln (exp. 230.94mln). Q2 backlog reached a record USD 2.36bln (exp. 2.29bln), while more than USD 1bln of new launch and space systems contracts have already been signed in Q3. CEO highlighted strong demand across the business, alongside the completed Mynaric and Motiv acquisitions and the announced Iridium transaction. RKLB has established Rocket Lab Germany to pursue European satellite manufacturing and launch opportunities and was selected for a dedicated Neutron mission for Kepler Communications, targeted no earlier than 2028. Sees Q3 revenue between USD 250-265mln (exp. 235.9mln), adj. gross margin between 35-37%, adj. operating expenses between USD 121-127mln, adj. EBITDA loss between USD 17-23mln.
• Lockheed Martin (LMT), L3Harris Technologies (LHX) - Lockheed said the Stage 2 rocket motor for its Next Generation Interceptor programme completed a static fire test in a high-vacuum chamber replicating low-Earth orbit conditions. The L3Harris Technologies motor demonstrated performance under expected thermal and pressure stresses, including thrust, chamber pressure and combustion stability.
• Babcock & Wilcox (BW) - Q2 EPS USD 0.07 (exp. USD 0.03), revenue USD 319.7mln (exp. USD 196.97mln); signed an agreement with Siemens Energy to commence work on 20 steam turbine generator sets totaling 1 GW of generating capacity for data center projects.
• SpaceX (SPCX) - SNB reported share stake of 1.5mln Class A shares in SpaceX as of June 30th, SEC filing showed.
• Maersk (AMKBY) - Maersk said logistics operations in parts of Colombia are disrupted following an earthquake; terminal operations in Buenaventura have been temporarily suspended.
• Boeing (BA) - Boeing was awarded a USD 109.03mln US Navy delivery order for 76 outer wing panels used on F/A-18 aircraft.
• Plug Power (PLUG) - Q2 adj. EPS -0.07 (exp. -0.08), revenue USD 178.3mln (exp. USD 169.12mln); sees FY26 revenue growth of 15%-16% and targeted positive EBITDAS in Q4 2026.
• Amentum (AMTM) - Q3 adj. EPS USD 0.67 (exp. USD 0.61), revenue USD 3.49bln (exp. USD 3.57bln); raised FY26 adj. EPS view to USD 2.40-2.50 (exp. USD 2.42, prev. USD 2.25-2.45) and cut revenue view to USD 13.8-13.95bln (exp. USD 14.14bln, prev. USD 13.95-14.3bln).
• Aecom (ACM) - Q3 adj. EPS ex-items USD 1.49 (exp. USD 1.46), revenue USD 3.59bln (exp. USD 4.36bln); backed FY26 adj. EPS view of USD 5.90-6.10 (exp. USD 5.97) and reaffirmed long-term targets of a 20%+ margin exit rate by FY28 and 15%+ adj. EPS CAGR from FY26-FY29.
• Southwest Airlines (LUV) - Southwest Airlines appointed Royal Caribbean (RCL) Chairman and CEO Jason Liberty and Rocket Companies (RKT) CEO Varun Krishna to its board, effective immediately. Southwest said their experience and expertise will support its strategic priorities and shareholder value creation.

ENERGY:

• Phillips 66 (PSX), Kinder Morgan (KMI), HF Sinclair (DINO) - The three companies finalized a joint venture and made a final investment decision to proceed with the USD 5.0bln Western Gateway Pipeline, a 1,300-mile refined products system connecting supply from St. Louis and the Gulf Coast to Arizona and California. The system will have an initial design capacity of 230,000 bpd and will be primarily underpinned by 10-year take-or-pay contracts, with PSX, KMI and DINO holding 49.9%, 35.1% and 15% stakes, respectively. The project includes approximately 900 miles of new pipeline from Borger, Texas to Phoenix, Arizona, alongside KMI's existing SFPP assets, and is targeted for completion in 2029, subject to permits and regulatory approvals.
• Venture Global (VG) - Q2 adj. EBITDA USD 2.5bln (exp. USD 2.51bln), revenue USD 4.58bln, +48% Y/Y (exp. USD 4.69bln), EPS USD 0.51 (exp. USD 0.48); Q2 net income USD 1.35bln, +266% Y/Y (exp. USD 1.32bln), Operating Income 2.19bln (exp. 2.25bln) and the company exported 127 cargos, up 42% Y/Y, while raised FY26 adj. EBITDA view to USD 8.7-9.1bln (exp. USD 8.51bln, prev. 8.2-8.5bln). Continue to anticipate Plaquemines Project Phase 1 COD in Q4 2026 following the conclusion of commissioning and assurance testing and any required remediation or rectification work.
• China Teapots - China’s independent refiners may increase Iranian crude purchases as Shandong oil inventories fall, Bloomberg reports. Stockpiles are said to have dropped to 360mln bbls in July (down 35mln bbls M/M). Iranian crude accounts for about 90% of teapot refinery purchases, while nearly 30mln bbls remain on tankers in Asian waters.

MATERIALS:

• Indonesia Copper - Copper shipments from Indonesia face delays after a boiler leak halted the Gresik smelter processing ore from the Grasberg mine, Bloomberg reports. Mitsubishi Materials said operations were suspended following the 8th August breakdown, with restart timing undecided.
• Codelco - June copper production -4.8% Y/Y to 114,400 tonnes, Escondida production +45.8% Y/Y to 111,400 tonnes, Collahuasi +1.7% Y/Y to 34,900 tonnes. Chile’s government will allow Codelco to retain and reinvest 100% of its 2025 profit of USD 2.42bln, an unprecedented move intended to strengthen the state miner’s balance sheet and reduce reliance on additional debt financing.
• USA Rare Earth (USAR) - Q2 EPS -0.15 (exp. -0.13), Q2 revenue USD 5.82mln (exp. 8.05mln). CEO noted progress toward an integrated rare earth supply chain, including the planned acquisition of Serra Verde, funding documentation with the Commerce Department, an intended investment in Carester and selection of South Carolina for a second US metal-making and magnet manufacturing facility. The company also commissioned its Wheat Ridge, Colorado hydrometallurgical facility. Expects to close the Serra Verde acquisition by the end of August, complete the Round Top definitive feasibility study in Q4 FY26 for publication in Q1 FY27, and reach 600 metric tonnes/annum of run-rate magnet manufacturing capacity at its Stillwater facility in Q4 FY26.
• Glencore (GLNCY) - A Glencore-backed consortium is seeking to take control of Sherritt International, which operates North America’s only significant cobalt refinery, FT reports.
• Salzgitter (SZGPY) - H1 2026 revenue EUR 4.59bln (prev. 4.66bln Y/Y), EBITDA EUR 277.7mln (prev. 116.8mln Y/Y). Aurubis contributed EUR 193mln, while the P28 programme added EUR 97mln; sees FY26 sales around EUR 10bln, adj. EBITDA between EUR 725-825mln, adj. EBT of EUR 325-425mln.

HEALTHCARE:

• AstraZeneca (AZN), Bristol Myers Squibb (BMY) - AstraZeneca and Bristol Myers Squibb had reached a serious stage in talks over a mostly share-based acquisition of BMY by AstraZeneca at a premium, with an announcement targeted for mid-August, FT reports; AstraZeneca’s board subsequently issued an order to terminate discussions after its shares fell over 9% on 3rd August, following the initial report detailing the potential merger.
• Cardinal Health Inc. (CAH) - Q4 adj. EPS 2.91 (exp. 2.42), Q2 revenue USD 63.7bln (exp. 65.15bln). Sees FY26 EPS of 12.40-12.60 (exp. 10.78) and boosted share buyback by USD 5bln
• Hims & Hers Health (HIMS) - Shares fell in extended trading after a much wider-than-expected quarterly loss and pressure on margins from its shift towards branded weight-loss drugs and international expansion outweighed a raised revenue outlook. Q2 EPS -0.37 (exp. -0.01), Q2 adj. EBITDA USD 60.3mln (vs 82.2mln Y/Y), Q2 revenue USD 753mln (exp. 730.1mln); Q2 subscribers 2.9mln (exp. 2.74mln). CEO said customer relationships and global scale continue to deepen despite lower Y/Y adj. EBITDA. Sees Q3 revenue between USD 880-900mln (exp. 862.7mln); sees FY26 revenue between USD 3.1-3.3bln (exp. 3.05bln), FY26 adj. EBITDA between USD 275-325mln, implying an adj. EBITDA margin between 9-10%.
• Alcon (ALC) - Q2 EPS USD 0.84 (exp. USD 0.76), revenue USD 2.78bln (exp. USD 2.77bln); raised FY26 EPS growth view to 12%-15% (exp. USD 3.47, prev. 10%-13%), while affirming FY26 revenue growth view of 5%-8% (exp. USD 11.13bln).
• Qiagen (QGEN) - QIAGEN received FDA clearance for its QIAstat-Dx BCID GPF Plus AMR Panel, the platform’s first US-cleared bloodstream infection test.
• Philips (PHG) - Philips and Exor updated their long-term relationship agreement, allowing Exor to increase its stake in Philips to up to 22% of issued ordinary shares and voting rights from the previous 20% cap. Exor could raise its holding further with Philips' Supervisory Board approval.
• CuraLeaf (CURLF) - Announced intention to launch take-over bid for Aurora Cannabis (ACB); offers USD 4.00/shr.

REAL ESTATE:

• Simon Property Group (SPG) - Q2 FFO 3.29 (exp. 3.18), Q2 revenue USD 1.79bln (exp. 1.61bln). Domestic property NOI +8.5% Y/Y and portfolio NOI +8.3% Y/Y. Raised FY26 FFO guidance to between 13.20-13.30 (exp. 13.21; prev. saw 13.10-13.25).
• Fermi (FRMI) - Signed its first binding customer lease at its Project Matador AI data center campus with TensorWave, covering 222MW of capacity and expected to generate approximately USD 6.5bln in contracted revenue over 15 years. The agreement includes expansion rights for two additional data centres that could bring the partnership to more than 650MW, while Fermi targets first power in 2026.

MACRO:

• Fed - President Trump said he had spoken only once briefly with Fed Chair Warsh since May, despite reports of multiple conversations, Bloomberg reports. Trump reiterated support for Warsh, said policy decisions rest with the Fed board, and again signalled his preference for lower rates.
• RBA - The RBA held its Cash Rate unchanged at 4.35%, as expected, in a unanimous decision. The board said policy remains somewhat restrictive, and further hikes are possible if inflation risks rise. It said that inflation remains elevated, with risks to the upside; expects headline and underlying inflation to reach the 2.5% target midpoint only in early 2028; CPI forecasts were trimmed; GDP forecasts were also nudged higher. Governor Bullock said the board discussed only holding or raising rates, reiterating that a hike remains possible if inflation risks persist. She cited still-high inflation and Middle East risks, while saying subdued growth is needed to reduce inflation.
• BoJ - The BoJ may consider another rate hike at its 18th September policy meeting after raising rates in June, informed sources told JIJI. Rising inflation risks include AI-related demand, JPY depreciation and higher crude oil prices. Follows July’s confab, where some board members called for faster rate increases than markets expected.
• BoK - BoK outgoing Senior Deputy Governor Ryoo Sangdai said the central bank will likely need further rate hikes as strong growth sustains underlying inflation. The timing and pace will depend on incoming data.
• BofA Consumer Checkpoint: Total Card Spending (Jul) 5.0% Y/Y (prev. 6.3%); moderation appears tied to the fading of temporary boosts rather than a broad deterioration in underlying demand.