Daily US Equity Opening News - SKHY tumbles after profit miss; MU CEO sells shares; F up after beat & raise

DAY AHEAD:

• US INDEX FUTURES: ES unch, NQ unch, YM -0.7%, RUT -0.2%
  • BROKER MOVES: F upgraded at Citi, BRO downgraded; TXN upgraded at Arete. For the full list, click here.
  • MAJOR MORNING MOVES RECAP: . For the full list, click here.
  • US DAILY CONFERENCE CALENDAR: . For the full list, click here.
  • DATA: In North America, weekly MBA mortgage applications.
  • CENTRAL BANKS: Fed expected to hold target range unchanged (exp. 3.50-3.75%, prev. 3.50-3.75%); Chair Warsh will give a post-policy announcement press-conference; BoC releases July meeting minutes.
  • SUPPLY: US sells USD 30bln of 2-year FRNs.
  • ENERGY: DoE energy inventory data will be published; after hours on Tuesday, API data reportedly showed headline crude stocks posting a surprise build of +3.3mln bbls (exp. -1.4mln), Cushing stocks drawing down by -0.3mln bbls, distillate inventories seeing a build of +0.4mln bbls (exp. +0.6mln), and gasoline stocks posting a surprise build of +0.9mln bbls (exp. -1.2mln).

NEWS:

• US-Iran - US President Trump saidhe is going to let Iran keep talking, "we'll be hitting Iran hard", via Fox Interview; strikes will take place in response to attacks on US targets in Jordan. Meanwhile, Iran rejected Oman’s proposal for an equal division of Strait of Hormuz transit lanes, demanding the inbound shipping lane fall entirely under Iranian control with part of the outbound lane also Iranian. Tehran subsequently launched a ballistic missile attack on US forces in the Middle East. A US official said Iran is overreaching with its Strait of Hormuz demands, which Oman and the international community are rejecting, and clarified that the deal under discussion involves coordination only, with no tolls or fees. President Trump claimed that Iran wants a deal “badly”, and vowed to end the war.
• Iran-Ukraine - Iranian Foreign Minister Araghchi said Ukraine’s Foreign Minister assured him that an attack on an Iranian ship was unintentional, and that Kyiv seeks no escalation. Araghchi said Iran likewise does not seek escalation, but warned that any attack on Iranian citizens or interests is unacceptable, and that damages must be fully compensated.
• Houthis-Saudis - Houthi forces struck Saudi oil tanker NCC GHAZAL for allegedly violating their maritime navigation ban on Saudi vessels, with the group vowing to maintain its blockade under a “siege by siege” policy. Separately, China held direct negotiations with the Houthis to secure safe passage for its oil tankers through the southern Red Sea and maintain flows from Saudi terminals including Yanbu.
• US-Israel - President Trump noted a productive meeting with Israeli PM Netanyahu. Netanyahu described the meeting as one of their best, and confirmed to Trump that further strikes on rehabilitated Iranian nuclear facilities are inevitable.

• Australia Inflation - Q2 trimmed mean CPI +3.6% Y/Y (exp. 3.7%; prev. 3.5%), headline inflation came in at 3.9% Y/Y (exp. 4.1%; prev. 4.1%), and 0.6% Q/Q (exp. 0.7%; prev. 1.4%). Following the data, Westpac said it no longer expects RBA rate hikes this year, citing more benign inflation than forecast, with market services and housing components both undershooting. Westpac pushed its first expected rate cut to August 2027, though flagged a November hike remains a risk if Q3 inflation picks up.

• SK Hynix (SKHY) - Shares fell in APAC trading after record profits missed lofty forecasts, with shipment delays, concerns over AI spending sustainability, and uncertainty around shareholder returns outweighing robust memory chip demand. Q2 net income KRW 93.8tln (exp. 54.5tln), Q2 revenue KRW 79.0tln (exp. 84.0tln); operating profit +557% Y/Y to KRW 60.5tln (exp. 64.2tln), while net income increased 1,242% Y/Y, supported by one-off investment gains. Q2 DRAM average selling prices increased about 30% Q/Q, NAND ASP rose by the mid-50% range. Operating margin exceeded 80%, although operating profit and revenue missed elevated expectations due partly to a weaker product mix. Expects FY26 DRAM market demand to rise by the mid-20% range Y/Y, and NAND demand to increase by the high-teens. Sees FY26 capex rising about 50% to at least KRW 45tln, supported by long-term customer contracts and expectations that memory demand will continue to outpace supply. Bit growth should accelerate in H2, and preparations are under way for volume deliveries of next-generation HBM4E products in 2027.
• OpenAI - An OpenAI rogue agent compromised a Modal Labs customer before using its vulnerable code to support a wider hack of Hugging Face, according to Modal CTO Akshat Bubna. Modal said its platform was not breached. OpenAI said the agent accessed four accounts across four services and that the tested model was deactivated, encrypted and restricted.
• Micron (MU) - CEO Sanjay Mehrotra sold a total of 40K shares in two transactions on 24th July for USD 37.3mln.
• NXP Semiconductors (NXPI) - Shares fell in afterhours trading, as its beat-and-raise failed to impress investors amid a broader semiconductor sell-off, and a recent pullback from record highs. Q2 2026 (USD): Adj. EPS 3.61 (exp. 3.52), Revenue +19% Y/Y to 3.50bln (exp. 3.47bln). It saw growth across all end-markets and regions, supported by software-defined vehicles, physical AI and data centres. CEO said AI is moving from the cloud into vehicles, factories and robots, aligning with its strengths. Expects FY26 data centre revenue to exceed USD 500mln (vs ~200mln in 2025), driven by hyperscaler deployments. Sees Q3 adj. EPS between 3.89-4.32 (exp. 4.03) and sees Q3 revenue of 3.65-3.85bln (exp. 3.71bln).
• Seagate Technology (STX) - Shares rose in afterhours trading following a top- and bottom-line beat, as well as constructive guidance. Q4 2026 (USD): Adj. EPS 5.71 (exp. 5.09), Revenue 3.63bln (exp. 3.49bln). Gross margin expanded for a thirteenth consecutive quarter. Cloud remained the primary nearline demand driver, with three years of sequential quarterly exabyte growth; Enterprise/OEM data centre revenue and exabytes increased at strong double-digit rates Y/Y. CEO said robust cloud demand, AI-driven data growth and disciplined execution are supporting durable demand for mass-capacity storage. Sees Q1 adj. EPS between 7.10-7.50 (exp. 5.86), Q1 revenue of 4.0-4.2bln (exp. 3.75bln), Q1 adj. operating margin of approximately 50%; also expects to reduce debt in Q1. Expects FY27 revenue growth to outpace FY26, with further margin expansion and cash generation; sees FY27 capex between 4-6% of revenue.
• KLA Corporation (KLAC) - Shares tumbled in extended trading, despite top- and bottom-line beats, but fell short of lofty investor expectations. Q4 2026 (USD): Adj. EPS 1.05 (exp. 1.00), Revenue 3.66bln (exp. 3.60bln). CEO said growth trends are strengthening, with momentum expected to accelerate in H2 2026 and continue through 2027; demand being supported by AI infrastructure investment, increasing design complexity across foundry, logic and memory, and expanding process-control requirements in advanced packaging. Sees Q1 adj. EPS of 1.16 +/- 0.10 (exp. 1.13), Q1 revenue between 3.8-4.2bln (exp. 3.91bln), and sees Q1 adj. gross margin of 62.5%, +/- 1.0%.
• Skyworks Solutions (SWKS) - Shares tumbled in extended trading after weaker profit guidance and the discontinuation of its dividend overshadowed a quarterly beat, healthy mobile demand and a new buyback programme. Q3 2026 (USD): Adj. EPS 1.08 (exp. 1.03), Revenue 934.8mln (exp. 925.62mln). Said mobile demand remained healthy, while Broad Markets delivered Y/Y growth led by double-digit gains in automotive and data centres. It discontinued quarterly dividends, and replaced its previous repurchase authorisation with a new USD 2bln share buyback programme, redirecting capital towards repurchases, deleveraging and opportunistic accretive M&A. Sees Q4 adj. EPS 1.27 (exp. 1.30), sees Q4 revenue between 1.01-1.06bln (exp. 1.03bln), including about 5mln of incremental net interest expense related to financing for the pending Qorvo acquisition; upon closing, Skyworks CEO Phil Brace will lead the combined company, Qorvo CEO Bob Bruggeworth is expected to join the board, and Philip Carter will serve as CFO.
• Teradyne (TER) - Shares rose in extended trading after a Q2 earnings beat, and above consensus guidance. Q2 2026 (USD): EPS 2.47 (exp. 2.05), Revenue 1.33bln (exp. 1.22bln). Results were driven by test and robotics opportunities from wafer fabrication to AI data centres, with Y/Y market expansion across all three business groups. CEO said Q3 guidance reflects robust AI-related demand; rising wafer fabrication equipment investment supports continued growth in 2027 and beyond. Sees Q3 EPS between 1.85-2.15 (exp. 1.44) and Q3 revenue of 1.20-1.30bln (exp. 1.03bln).
• Enphase Energy (ENPH) Q2 2026 (USD): EPS 0.46 (exp. 0.46), Revenue 291.85mln (exp. 290.3mln); sees Q3 revenue of 290-320mln (exp. 304.94mln).
• ADP (ADP) Q4 2026 (USD): Adj. EPS 2.64 (exp. 2.59), adj. EBIT 1.4bln (exp. 1.36bln), Revenue 5.5bln (exp. 5.44bln).
• Fortive (FTV) Q 2026 (USD): Adj. EPS 0.74 (exp. 0.71), Revenue 1.1bln (exp. 1.07bln); raised FY26 adj. EPS view to 2.95-3.05 (exp. 3.00).
• Microsoft (MSFT) - UK CMA is investigating suspected infringements of consumer law in relation to the presentation of information to customers about changes to Microsoft 365.
• Logitech (LOGI) Q1 2027 (USD): Adj. EPS 1.85 (exp. 1.32), Revenue 1.23bln (exp. 1.20bln). Pointing Devices delivered double-digit growth. Adj. operating income +14% Y/Y ex-tariff refunds. CEO said innovation and stronger brand marketing supported growth across core categories; CFO highlighted operational discipline, resilient gross margins and robust cash flow generation. Sees Q2 revenue between 1.19-1.22bln (exp. 1.23bln).
• Cognizant Tech (CTSH) Q2 2026 (USD): Adj. EPS 1.37 (exp. 1.38), Revenue 5.48bln (exp. 5.48bln). Sees Q3 revenue of 5.60-5.68bln (exp. 5.7bln) and raised FY26 adj. EPS view to 5.70-5.82 (exp. 5.71, prev. 5.63-5.77). Cut FY26 revenue view to 22.04-22.35bln (exp. 22.28bln, prev. 22.11-22.64bln).
• Marvell Technology (MRVL) - Announced plans to invest USD 250mln in India over the next three years to expand its technology, talent, and infrastructure capabilities. The company also plans to double its headcount, expand its presence in Bangalore and Hyderabad, and strengthen development of semiconductor solutions for AI, cloud, and data infrastructure.
• Advantest (ATEYY) - Advantest raised its forecasts, citing stronger than expected demand for AI inference-related ASICs, CPUs and DRAM. The tester market is expected to reach a record high, driven by higher AI semiconductor production volumes and increasing device complexity. It added that industry uncertainties remain around advanced packaging capacity and memory supply dynamics.
• UMC (UMC) - Projects AI-exposed revenue, encompassing specialty solutions like connectivity and power management, to reach approximately USD 300mln in 2026, exceed USD 1bln within three years. 12nm collaboration project with Intel (INTC) is advancing smoothly, with the process design kit expected to be ready in late 2026.
• GlobalFoundries (GFS) - US announced a MoU for semiconductor R&D investment totaling USD 874mln. US authorities announced semiconductor wafer foundry GlobalFoundries will receive up to USD 300mln in funding.
• Garmin (GRMN) Q2 2026 (USD): Adj. EPS 2.81 (exp. 2.30), Revenue 2.02bln (exp. 1.93bln); sees FY revenue 8.05bln (exp. 8.01bln), sees FY adj. EPS 10.00 (exp. 9.67, prev. saw 9.35).
• Bandwidth (BAND) Q2 2026 (USD): Non-GAAP EPS 0.37 (exp. 0.36), Revenue 220mln (exp. 216.99mln); sees Q3 non-GAAP EPS of 0.45-0.49 (exp. 0.46) and Q3 revenue of 231-235mln (exp. 224.01mln). Sees FY26 non-GAAP EPS 1.71-1.79 (exp. 1.80) and FY26 revenue of 900-910mln (exp. 809.93mln).
• Manhattan Associates (MANH) Q2 2026 (USD): EPS 1.39 (exp. 1.32), Revenue 297.8mln (exp. 287.8mln); raised FY26 EPS view to 5.44-5.50 (exp. 5.36, prev. 5.29-5.37) and raised FY26 revenue vie wto 1.160-1.166bln (exp. 1.15bln, prev. 1.147-1.157bln).
• Amphenol (APH) Q2 2026 (USD): Adj. EPS 1.35 (exp. 1.19), Revenue 8.80bln (exp. 8.32bln); sees Q3 adj. EPS at 1.40-1.42 (exp. 1.28) and sees Q3 revenue of 9.3-9.4bln (exp. 8.75bln).
  • Qorvo (QRVO) Q1 2026 (USD): EPS 1.64 (exp. 1.06), Revenue 784.8mln (exp. 741.39mln); sees FY26 EPS above 7.00 (exp. 6.89).
  • Parsons (PSN) Q2 2026 (USD): Adj. EPS -0.06 (exp. 0.76), Revenue 1.60bln (exp. 1.61bln); cut FY26 revenue view to 6.2-6.5bln (exp. 6.65bln, prev. 6.5-6.8bln).

• AT&T (T) - AT&T closed its acquisition of wireless spectrum licences from EchoStar for approximately USD 23bln, adding about 30MHz of nationwide 3.45GHz mid-band spectrum and 20MHz of 600MHz low-band spectrum, expanding 5G capacity and speeds across virtually all US markets. AT&T reiterated its Q2 financial outlook and capital allocation plan as part of the announcement.
• Meta Platforms (META) - CEO Zuckerberg said blocking advanced Chinese AI models would not effectively strengthen US competitiveness, and urged companies to identify bottlenecks systematically, FT reports. His comments follow debate over Moonshot AI’s Kimi K3 and US warnings of possible sanctions or technology restrictions on Chinese companies accused of misappropriating American technology.
• Omnicom (OMC) Q2 2026 (USD): Adj. EPS 2.65 (exp. 2.66), Revenue 6.56bln (exp. 6.46bln). CEO said results reflected momentum from the newly integrated Omnicom, with clients consolidating more work across its connected capabilities.

• O-I Glass (OI) - Shares fell in extended trading after earnings missed, and it slashed its outlook, citing commercial pressure, higher energy costs and operational challenges in Europe. Q2 2026 (USD): Adj. EPS 0.09 (exp. 0.26), Revenue 1.67bln (exp. 1.69bln). Management said that results were impacted by commercial pressure, higher energy costs and operational challenges in Europe, partly offset by continued strength in the Americas; expects headwinds to gradually improve over the remainder of the year. Cut its FY26 adj. EBITDA view, now sees between 1.0-1.1bln (prev. saw 1.125-1.225bln); said it has also removed FY26 adj. EPS guidance because its expected 40-70% effective tax rate could produce a wide earnings range. It also cut its FY27 adj. EBITDA target, sees between 1.2-1.3bln (prev. saw 1.45bln), reflecting slower improvement in Europe.
• Ford (F) - Shares rose in afterhours following an earnings beat and raised guidance, driven by operational improvements, resilient pricing, profitable product mix and confidence in its F-Series production recovery. Q2 2026 (USD): Adj. EPS 0.42 (exp. 0.36), Revenue 48.30bln (exp. 47.35bln). Adj. EBIT increased 0.4bln Y/Y to 2.5bln, as strong US demand, pricing and lower warranty and material costs helped offset tariffs and broader economic uncertainty. CEO said trucks, off-road vehicles and hybrids are delivering strong pricing power, while improving quality and new businesses such as Ford Energy are supporting profitability. Raised FY26 adj. EBIT outlook to 10-11bln (prev. saw 8.5-10.5bln), raised FY26 adj. FCF view to 6-7bln (prev. saw 5-6bln); backed its FY26 capex view to 9.5-10.5bln; sees FY26 Ford Blue EBIT between 5.0-5.5bln, Ford Pro EBIT between 7.0-7.5bln, Ford Model e loss of ~4.0bln, and Ford Credit pretax earnings above 2.5bln.
• Mondelez (MDLZ) - Mondelez shares rose in extended trading after it beat earnings and revenue expectations, and raised its organic sales outlook, helped by strong Latin America growth and higher pricing. Q2 2026 (USD): Adj. EPS 0.73 (exp. 0.68), Revenue 9.36bln (exp. 9.21bln). Execs said results reflected robust top-line growth, higher volumes, market share gains and improved profitability, with continued strength in EMs and strong execution in North America, while European share trends showed early improvement. Sees FY26 organic net revenue growth of at least 2%, and backed its FY26 adj. EPS growth view between 0-5%; it also sees FY26 free cash flow of ~USD 3bln, and estimates currency translation will add around 2ppts to revenue growth, and 0.05/shr to adj. EPS.
• V.F. Corp (VFC) Q1 2027 (USD): Adj. operating income -95mln (exp. -95mln), EPS -0.25 (exp. -0.22), Revenue 1.67bln (exp. 1.64bln).
• Smurfit (SW) Q2 2026 (USD): EPS 0.35 (exp. 0.42), Revenue 8.03bln (exp. 7.93bln).
• Cheesecake Factory (CAKE) Q2 2026 (USD): Adj. EPS 1.44 (exp. 1.18), Revenue 1.03bln (exp. 999.68mln); sees Q3 revenue of 980-990mln (exp. 945.47mln) and raised FY26 revenue view to 4.0bln (exp. 3.93bln, prev. 3.91bln).
• Lucid Group (LCID) - Saudi billionaire Prince Alwaleed bin Talal disclosed a 5% stake in Lucid, owning ~19.5mln shares valued at about USD 127mln, a regulatory filing showed.
• Porsche AG (DRPRY) - H1 operating profit +34% to EUR 1.35bln, despite a 5% revenue decline; operating return on sales reached 7.8% (vs FY target range of 5.5-7.5%); said planned job cuts will total about 9K (around 20% of staff) and will incur charges of EUR 300-400mln.
• BMW (BMW) - BMW plans to cut 8K jobs worldwide from October 2026 through end-2027, mainly in Germany, targeting annual savings of about EUR 1bln from 2028, Handelsblatt reports. The company will set aside around EUR 1bln for severance, focus reductions on non-production roles, retain German plant capacity and maintain employment guarantees while restructuring management.
• Aston Martin (ARGGY) - Q2 adj. operating loss narrowed to GBP 52mln (exp. 45mln; vs 57mln Y/Y); Valhalla plug-in hybrid sales and cost controls supported results; maintained FY outlook despite US tariffs, Chinese luxury-car taxes and difficult automotive market conditions.
• Kering (PPRUY) - Q2 LFL sales +2% to EUR 3.65bln, its first growth since mid-2023, as Gucci’s decline eased and jewellery sales increased; net debt fell to EUR 3.3bln (from EUR 8bln) after selling its beauty division.
• EssilorLuxottica (ESLOY) - Q2 revenue +8.7% EUR 7.69bln (exp. EUR 7.75bln); H1 adj. profit +13%, operating margin reached 18.6% (exp. 16.3%); North American growth slowed to 7.2%, while myopia-management sales rose 24%; smart glasses sales nearly doubled.
• Hermes International (HESAY) - FX adjusted sales rose +6.7% to EUR 4.1bln in Q2, in line with expectations, supported by recovering European tourism and strong US demand.
• Remy Cointreau (REMYY) - Q1 revenue EUR 223.2mln (exp. 219.7mln), as organic cognac sales rose +7.7%; liqueurs and spirits sales -6.6%; maintained its FY recovery plan for sustained sales growth and a slight operating-margin improvement.
• Danone (DANOY) - Q2 LFL sales +4.2% (exp. 3.6%), supported by high-protein dairy and medical nutrition demand; volume/mix contributed 1.9%, and pricing 2.3%; backed its FY sales growth view after expanding via acquisitions including Huel, Made Group and Kate Farms.

• Procter & Gamble Company (PG) Q2 2026 (USD): EPS 1.43 (exp. 1.41), Revenue 21.2bln (exp. 21.38bln). Gross margin 48.5% (prev. 49.1% Y/Y, -60bps), Operating margin 18.6% (prev. 20.8% Y/Y, -220bps). Sees FY27 core EPS of 6.89-7.11 (exp. 7.05).
• Bunge Global SA (BG) Q2 2026 (USD): Adj. EPS 2.0 (exp. 1.97), Revenue 24bln (exp. 22.81bln). Raised FY26 adj. EPS view to 9.25-9.75 (exp. 9.49, prev. 9.00-9.50).
• Albertsons (ACI) - EVP Thomas Moriarty bought 170.5k shares of common stock on July 27th in a total transaction size of USD 1.96mln.

• Visa (V) - Visa shares edged lower in extended trading despite stronger revenue and earnings, as job cuts tied to changes in payments technology and AI overshadowed resilient spending and improved FY guidance; shares had been higher earlier in the day on reports of the job cuts. Q3 2026 (USD): Adj. EPS 3.32 (exp. 3.23), Revenue 11.6bln (exp. 11.40bln). Payments volume +10% Y/Y, cross-border volume +13% Y/Y, processed transactions +10% Y/Y to 71.7bln. Sees Q4 adj. EPS growth at the low end of the mid-teens, revenue growth at the high end of the low-double-digits and operating expense growth in the low-double-digits. Sees FY26 adj. EPS growth at the low end of the mid-teens, net revenue growth at the low end of the low-teens and operating expense growth at the low end of the low-teens.
• Arch Capital (ACGL) Q2 2026 (USD): Adj. EPS 2.56 (exp. 2.46).
• Aon (AON) Q2 2026 (USD): EPS 3.81 (exp. 3.80), Revenue 4.25bln (exp. 4.28bln). Backed FY26 adj. EPS view of "strong" growth.
• SoFi (SOFI) Q2 2026 (USD): Adj. EPS 0.12 (exp. 0.11), Revenue 1.2bln (exp. 1.13bln); sees FY26 adj. EPS of 0.60 (exp. 0.59) and sees FY26 revenue of 4.75-4.85bln (exp. 4.70bln).
• Lemonade (LMND) Q2 2026 (USD): EPS -0.56 (exp. -0.56), Revenue 294.4mln (exp. 291.52mln); sees Q3 revenue of 323-326mln (exp. 320.69mln); raised FY26 revenue view to 1.21-1.22bln (exp. 1.21bln, prev. 1.19-1.20bln).
• UBS Group (UBS) - Q2 net profit attributable USD 2.80bln (exp. 2.39bln). Global Wealth Management net new money reached USD 36bln (exp. 21bln), while Investment Bank revenue rose +26% Y/Y, supported by stronger trading and advisory activity. Announced a new USD 3bln share buyback programme, running until mid-2027, following completion of its previous USD 3bln programme; plans to repurchase at least USD 1bln over the next three months. Execs said client activity remains healthy, but cautioned that geopolitical uncertainty and volatile energy prices could weigh on Q3. Estimates Switzerland’s proposed capital rules could require around USD 22bln of additional CET1 capital, and continues to argue that the measures would damage its competitiveness.
• Deutsche Bank (DB) - Q2 revenue EUR 8.5bln (exp. 8.14bln), Q2 PBT EUR 2.7bln (exp. 2.33bln), CET1 13.9% (prev. 14.2%). FIC revenue +16% Y/Y at EUR 2.6bln, a record level; FIC market +27% Y/Y, driven by rates & credit. Credit loss provision EUR 174mln (prev. 259mln), significantly lowered as overlay release and non-recurrence of prior year model updates more than offset the impact of planned exits of non-performing exposures. Announced a new EUR 500mln buyback. Sees FY firmly on track to attain the revenue guide of 33bln; CEO says H1 is traditionally stronger, thinks they will comfortably get to that figure, and potentially exceed it.
• Standard Chartered (STAN LN) - Standard Chartered reported better-than-expected profit, stronger wealth and global banking income, a higher full-year income target, and fresh shareholder returns. H1 pretax profit USD 4.78bln (exp. 4.52bln); NII 5.7bln (prev. 5.5bln Y/Y); wealth management income increased 38%, driven by double-digit growth in investment products, higher inflows and new-account additions. Saw an additional Q2 impairment charge of USD 44mln, partly reflecting early signs of stress among petrochemical clients, while its Middle East portfolio remained broadly stable. Raised its interim dividend +70% to 20.4c/shr, and announced a new USD 1bln share buyback. Raised FY26 income growth guidance, and sees FY26 income growth around the midpoint of its 5-7% range (prev. saw growth near the bottom of that range).

• CoStar Group (CSGP) Q2 2026 (USD): Adj. EPS 0.32 (exp. 0.29), Revenue 925mln (exp. 929mln). Sees Q3 adj. EPS between 0.31-0.34 (exp. 0.38) and sees Q3 revenue of 935-945mln (exp. 967.48mln). Backed FY26 adj. EPS view, sees FY26 adj. EPS between 1.32-1.39 (exp. 1.36), and sees FY26 revenue between USD 3.715-3.755bln (exp. 3.8bln).
• BXP (BXP) Q2 2026 (USD): FFO 1.78 (exp. 1.71), Revenue 895.7mln (exp. 871.43mln); raised FY26 FFO view to 6.99-7.05 (exp. 6.96, prev. 6.90-7.04).
• Extra Space Storage (EXR) Q2 2026 (USD): Core FFO 2.15 (exp. 2.06), Revenue 874.15mln (exp. 739.13mln); raised FY26 core FFO view to 8.25-8.40 (exp. 8.26, prev. 8.05-8.35).
• CBRE Group (CBRE) Q2 2026 (USD): EPS 1.56 (exp. 1.47), Revenue 11.2bln (exp. 11.28bln); raised FY26 core EPS view to 7.80-7.90 (exp. 7.73, prev. 7.60-7.80).

• Weekly Inventories - API data reportedly showed headline crude stocks posting a surprise build of +3.3mln bbls (exp. -1.4mln), Cushing stocks drawing down by -0.3mln bbls, distillate inventories seeing a build of +0.4mln bbls (exp. +0.6mln), and gasoline stocks posting a surprise build of +0.9mln bbls (exp. -1.2mln). Later today, the DoE energy inventory data will be published.
• Expand Energy (EXE) Q2 2026 (USD): Adj. EPS 1.33 (exp. 1.10).
• Peabody Energy (BTU) Q2 2026 (USD): EPS -0.74 (exp. -0.32), Revenue 1.0bln (exp. 1.02bln).

• Space Companies - The Trump administration proposed allowing the FAA to waive environmental review requirements for commercial rocket launches, re-entries and launch sites, WSJ reports. The FAA expects launches and re-entries to rise from 214 in the current fiscal year to over 500 within a decade, driven by SpaceX (SPCX), Blue Origin, Rocket Lab (RKLB) and others.
• SpaceX (SPCX) - xAI’s Grok 4.5 reasoning model is rolling out in GitHub Copilot.
• Bloom Energy (BE) - Shares rose over in extended trading after a beat-and-raise. Q2 2026 (USD): Adj. EPS 0.78 (exp. 0.41), Revenue 1.07bln (exp. 826mln). CEO said demand continues to accelerate as customers increasingly choose Bloom’s power solutions over traditional combustion technologies. Raised its FY26 adj. EPS outlook to between 2.55-2.85 (exp. 2.16), and raised its FY26 revenue outlook to between 3.9-4.2bln (exp. 3.725bln).
• Waste Management (WM) Q2 2026 (USD): Adj. EPS 2.02 (exp. 1.98), Revenue 6.684bln (exp. 6.71bln). Adj. operating EBITDA +5.5% Y/Y, or +9.1% ex prior-year wildfire clean-up contributions, with all operating segments contributing to growth and margin expansion. CEO cited momentum across collection and disposal, healthcare and sustainability operations. Cut its FY revenue guidance, sees FY26 revenue between 26.275-26.475bln (exp. 26.55bln; prev. saw 26.43-26.63bln), reflecting lower volume expectations partly offset by higher energy surcharges; backed its FY26 adj. operating EBITDA outlook between 8.15-8.25bln, and FCF of 3.75-3.85bln, and sees FY26 adj. operating EBITDA margin +20bps at between 31.0-31.2%.
• Vertiv (VRT) Q2 2026 (USD): Adj. EPS 1.52 (exp. 1.42), Revenue 3.27bln (exp. 3.38bln). Said it experienced minor timing shifts in Q2 revenue, due to temporary supply chain congestion. Sees Q3 EPS of 1.77-1.83 (exp. 1.79) and Q3 revenue of 3.65-3.85bln (exp. 3.71bln). Raised FY26 adj. EPS view to 6.65-6.75 (exp. 6.48, prev. 6.30-6.40) and raised FY26 revenue view to 13.8-14.2bln (exp. 13.88bln, prev. 13.5-14.0bln).
• Veralto (VLTO) Q2 2026 (USD): Adj. EPS 1.11 (exp. 1.01), Revenue 1.47bln (exp. 1.45bln); sees Q3 adj. EPS of 1.06-1.09 (exp. 1.07) and raised FY26 adj. EPS view to 4.35-4.43 (exp. 4.25, prev. 4.20-4.28).
• Johnson Controls International (JCI) Q3 2026 (USD): Adj. EPS 1.42 (exp. 1.30), Revenue 6.6bln (exp. 6.46bln). Sees Q4 adj. EPS of 1.55 (exp. 1.52) and raised FY26 adj. EPS view to 5.05 (exp. 4.90, prev. 4.85).
• General Dynamics (GD) Q2 2026 (USD): EPS 4.24 (exp. 3.96), Revenue 14.1bln (exp. 13.52bln).
• Generac (GNRC) Q2 2026 (USD): Adj. EPS 2.91 (exp. 2.01), Revenue 1.17bln (exp. 1.18bln); sees FY26 revenue growth in mid-to-high teens percentage range.
• Stanley Black and Decker (SWK) Q2 2026 (USD): Adj. EPS 1.57 (exp. 1.21), Revenue 3.96bln (exp. 3.96bln); raised FY26 EPS view to 5.20-5.80 (exp. 5.37, prev. 4.90-5.70).
• Lennox (LII) Q2 2026 (USD): Adj. EPS 7.72 (exp. 7.70), Revenue 1.55bln (exp. 1.56bln); cut FY26 EPS view to 23.00-24.00 (exp. 24.52, prev. 23.50-25.00) and backed FY26 revenue growth view of 8.0%.
• IDEX (IEX) Q2 2026 (USD): Adj. EPS 2.32 (exp. 2.11), Revenue 921mln (exp. 905.37mln); sees Q3 adj. EPS of 2.20-2.25 (exp. 2.19) and raised FY26 adj. EPS view to 8.70-8.85 (exp. 8.50, prev. 8.35-8.55).
• Masco (MAS) Q2 2026 (USD): EPS 1.64 (exp. 1.31), Revenue 1.992bln (exp. 2.09bln); raised FY26 adj. EPS view to 4.40-4.60 (exp. 4.28, prev. 4.10-4.30).
• Verisk Analytics (VRSK) Q2 2026 (USD): Adj. EPS 1.98 (exp. 1.93), Revenue 806.3mln (exp. 804.04mln).
• Old Dominion (ODFL) Q2 2026 (USD): EPS 1.68 (exp. 1.54), Revenue 1.554bln (exp. 1.54bln).
• Avis Budget Group (CAR) Q2 2026 (USD): EPS 0.98 (exp. 1.91), Revenue 3.0bln (exp. 3.11bln). Verra Mobility (VRRM) reached an agreement with Avis Budget Group on the key commercial terms of a new seven-year tolling and violations services contract, with the parties working to finalise the remaining operational terms.
• Caterpillar (CAT) - Downgraded at Baird to 'Neutral' from 'Outperform'. The firm said NY's moratorium on data center construction is the highest-profile example of a growing trend towards regulatory action at the state and local level targeting data centers. This will raise costs, add new development approval hurdles, limit site availability, and slow future investment. Baird believes Caterpillar shares are driven by order and backlog momentum. While these remain robust in the very near-term, a slowdown is increasingly likely in 2027 and 2028, contends the firm. Baird sees investor anxieties over industry-wide capacity additions becoming more pronounced as Caterpillar's demand growth slows.
• Rheinmetall (RHM GY) Prelim Q2 2026 (EUR): Revenue 3.289bln; driven by improvement in operating performance; op. profit also rose significantly to EUR 562mln. Operating metrics have thus been significantly exceeded.

• Rio Tinto (RIO) - Rio Tinto shares rose after stronger-than-expected half-year profit, surging copper earnings, robust free cash flow and a higher-than-forecast interim dividend. CEO said USD 870mln of productivity benefits supported the strong performance and expects savings to reach USD 1.8bln by year-end, with further efficiencies anticipated; highlighted rising demand for copper, steel, lithium and aluminium from AI-related energy and data centre investment. H1 sales revenue USD 31.028bln (prev. 26.873bln Y/Y), Underlying EBITDA USD 14.826bln (prev. 11.547bln Y/Y), underlying earnings USD 6.851bln (prev. 4.807bln Y/Y), PBT USD 6.664bln (prev. 4.528bln Y/Y), operating cash flow USD 9.173bln (prev. 6.924bln Y/Y), FCF USD 3.834bln (prev. 2.185bln Y/Y), underlying EPS 421.4c (prev. 296.0c Y/Y), Net debt 14.061bln (prev. 14.362bln Y/Y). Underlying ROCE 17% (prev. 14% Y/Y), interim dividend 211.0c/share (prev. 148.0c Y/Y, +43%), CuEq production +3% Y/Y.
• Glencore (GLNCY) - Trading business generated about USD 3.3bln of profit in H1, nearing the top of its USD 3.5bln annual earnings target; execs said the unit is on track to exceed its record USD 6.4bln result from 2022, supported by energy-market disruption and stronger metals prices.
• PPG Industries (PPG) Q2 2026 (USD): Adj. EPS 2.23 (exp. 2.25), Revenue 4.50bln (exp. 4.36bln). Organic sales growth was 4%, split evenly between volume and pricing, with growth across all three segments and eight of nine businesses. Selling prices +2%, covering about 90% of cost inflation, with full recovery expected by Q4. CEO said aerospace, LatAm architectural coatings and packaging coatings should lead Q3 growth. Sees Q3 organic sales growth between low single digits and mid-single digits, sees Q3 adj. EBITDA margin between flat and -100bps Y/Y. Backs its FY26 adj. EPS view between 7.70-8.10 (exp. 7.88).
• Vulcan Materials (VMC) Q2 2026 (USD): Adj. EPS 2.59 (exp. 2.47), Revenue 2.15bln (exp. 2.14bln).

• Nextera Energy (NEE) - Nextera Energy and Brookfield to build USD 100bln Kentucky data centre campus.
• CenterPoint Energy (CNP) Q2 2026 (USD): Non-GAAP EPS 0.40 (exp. 0.37); still sees 2026 non-GAAP EPS view of 1.89-1.91 (exp. 1.91).
• FirstEnergy (FE) Q2 2026 (USD): Core EPS 0.50 (exp. 0.50), Revenue 3.7bln (exp. 3.54bln). Maintained FY26 core EPS view of 2.62-2.82 (exp. 2.74).
• Entergy (ETR) Q2 2026 (USD): EPS 1.06 (exp. 1.02). Backed FY26 adj. EPS view of 4.25-4.45 (exp. 4.40).
• WEC Energy (WEC) Q2 2026 (USD): EPS 0.91 (exp. 0.81), Revenue 2.06bln (exp. 2.04bln); maintained FY26 EPS view of 5.51-5.61 (exp. 5.59).

• Biogen (BIIB) Q2 2026 (USD): Adj. EPS 3.60 (exp. 3.02), Revenue 2.7bln (exp. 2.46bln); cut FY adj. EPS to 12.0-13.0 (exp. 11.82, prev. 14.25-15.25) and sees Q2 adj. EPS 3.60 (exp. 3.04).
• Humana (HUM) Q2 2026 (USD): Adj. EPS 7.61 (exp. 7.26), Revenue 40.87bln (exp. 40.57bln); affirms FY26 adjusted guidance of "at least" USD 9; revises FY26 GAAP EPS to 'at least 6.52' (prev. 'at least 8.36). Affirms FY 2026 individual Medicare Advantage (MA) membership growth of 'approximately 25%' over 2025.
• GE Healthcare Technologies (GEHC) Q2 2026 (USD): Adj. EPS 1.13 (exp. 1.04), Revenue 5.3bln (exp. 5.26bln); sees FY adj. EPS 4.8-5.0 (exp. 4.88); adj. EBIT 750mln (exp. 734.6mln). Sees FY FCF at USD 1.6bln.
• Boston Scientific (BSX) Q2 2026 (USD): EPS 0.86 (exp. 0.83), Revenue 5.44bln (exp. 5.37bln); cut FY adj. EPS view to 3.28-3.32 (exp. 3.36, prev. 3.34-3.41) and sees Q3 adj. EPS of 0.80-0.82 (exp. 0.84).
• Medicare Subsidies - The Trump administration will end after 2026 a Medicare Part D subsidy programme providing insurers an estimated USD 3.6bln this year, likely raising 2027 premiums, according to administration officials cited by the WSJ. About 45% of enrollees may face monthly increases of USD 11-20. UnitedHealth Group (UNH) was expected to receive over half the subsidy funding next year.
• AbbVie (ABBV) - Received European Commission approval for Rinvoq (upadacitinib) as the first systemic medication approved in the EU to treat non-segmental vitiligo in adults and adolescents aged 12 and over. The approval was supported by Phase 3 Viti-Up trial data showing statistically significant total body and facial repigmentation versus placebo at week 48.
• Kenvue (KVUE) - Raised quarterly dividend c. 1% to USD 0.21/shr.