Early Look

Thursday, August 13, 2026

U.S. futures are looking at a higher open, trying to build on yesterday’s gains but another round of key inflation data stands in the way at 9:30 am as the July Producer Price Index (PPI) is on deck. The consensus looks for PPI up 0.2% on the month in July and up 0.3% ex-food and energy. Investors will also monitor initial jobless claims and the Fed’s balance sheet. Wednesday was a solid day for tech, Ai, semis and data center infrastructure, rallying behind good earnings/spending and guidance headlines out of NBIS, CRWV, LITE, SMCI as all four surged carrying their respective sectors. An in-line CPI inflation report was enough to add to the positive sentiment as precious metals rose, though the dollar rallied and Treasury yields rebounded off initial declines. Fear also remains as absent of this market as the CBOE Volatility Index (VIX) hit its lowest levels of 2026 on Wednesday, falling over 5% to 14.40. Note BTIG technical strategist Jonathan Krinsky noted recently the market had reached a record streak of consecutive sessions (183 days) without an 80%+ downside-volume day on the NYSE (i.e., a day when at least 80% of trading volume came from declining stocks). This is described as the longest such stretch in at least 30 years (by a wide margin – by nearly 50 days). Are investors to relaxed remains the question after a record earnings season run of earnings beats. In Asian markets, The Nikkei Index rose 784 points to 68,308, the Shanghai Index fell -19 points to 3,926, and the Hang Seng Index slipped -43 points to 25,396. In Europe, the German DAX is up 140 points to 26,471, while the FTSE 100 is down -28 points to 10,804. Overnight picture in tech a little cloudier than the prior night as shares of CSCO, COHR, and CBRS all in the AI space all see declines following earnings.

• The Dow Jones Industrial Average fell -21.58 points, or 0.04%, to 53,770.27
• The Nasdaq Composite gained 143.04 points, or 0.54%, to 26,588.49
• The Russell 2000 Index advanced 18.38 points, or 0.61% to 3,045.49

• 8:30 AM ET                  Continuing Claims…est. 1.795M
• 8:30 AM ET                  Producer Price Index (PPI) headline M/M for July…est. +0.2% (prior -0.3%)
• 8:30 AM ET                  Producer Price Index (PPI) headline Y/Y for July…est. +4.9% (prior +5.5%)
• 8:30 AM ET PPI Core – Ex: Food & Energy M/M for July…est. +0.3% (prior +0.2%)
• 8:30 AM ET PPI Core – Ex: Food & Energy Y/Y for July…est. +4.2% (prior +4.7%)
• 10:30 AM ET                Weekly EIA Natural Gas Inventory Data
• 1:00 PM ET US Treasury to sell $22B in 30-year notes

• Earnings After the Close: AEYE AMAT API ARX AVX BEAT CBUS CODX DEFI DLO DMRC ETON FIGR FTLF GEMI GLOB GWH HAWK HIT HTFL IDN JCAP KLC LSF MDXH BKTR PED PETS REKR SPRY VERI VUZI WKHS XOS YSS

• Michael Burry disclosed his updated stock positions on Wednesday, adding to his short bets on Nebius (NBIS), Micron (MU), Oracle (ORCL) and the iShares Semiconductor ETF (SOXX), while increasing his long positions in Mercado Libre (MELI) and Zoetis (ZTS).
• The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was -3.2% vs -1% last week. Bulls fall to 34.7% from 37%, Neutrals rise to 27.4% from 25%, Bears fall to 37.9% from 38%

• Grocery Outlet (GO) Q2 adj. EPS $0.20 vs. est. $0.13; sales $1.19B vs. est. $1.17B; adj. EBITDA $65.7Mm vs. est. $56.5Mm; gross profit $360.7Mm; gross margin 30.2%; guides FY sales $4.7-4.72B vs est $4.659B, comps -0.5% to 0.0%, gr mgn 29.8-30.0%, adj EBITDA $225-235Mm vs est $226Mm, adj EPS $0.51-0.55 vs est $0.51.
• Jack in the Box (JACK) Q3 adj. EPS $0.96 vs. est. $0.88; revenue $257.7Mm, -1.8% YoY; adj. EBITDA $61.2Mm vs est $54.74Mm; same-store sales -1.1%; four openings and 17 closures in Q3; FY adj. EBITDA guidance $225Mm-$230Mm vs est $225.2Mm; FY CAPEX guidance $45Mm-$55Mm; year-end restaurant count about 2,100.
• StubHub Holdings (STUB) Q2 sales $573.06M vs. est. $521.9M; Q2 EPS $0.00 vs. est. $0.11; backs FY26 adjusted EBITDA $400M-$420M and sees FY26 GMS of $10.1B-$10.3B.

• Enovix Corp. (ENVX) Q2 adj. EPS ($0.13) vs. est. ($0.15); revenue $9.0Mm vs. est. $8.43Mm, +21% YoY; gross profit $1.3Mm; gross margin 14.4%; adj. EBITDA loss ($18.9)Mm vs est ($25.59)Mm; Q3 revenue guidance $9Mm-$10Mm vs. est. $10.3Mm; Q3 adj. EPS guidance ($0.17)-($0.13) vs. est. ($0.14).
• Maersk (AMKBY) raised its full-year earnings guidance for a second time this year and smashed profit forecasts as global container demand proved resilient in the face of the Middle East conflict; Q2 Ebitda was $3.0B topping ests $2.12B; wow expects underlying EBITDA of between $10.5B-$12.5B, up from a previous $8B-$10B, and underlying operating profit between $4.5B-$6.5B, up from a previous $2B-$4B.
• NANO Nuclear Energy (NNE) Q3 net loss -$10.1M on revs $214,042; Q2 R&D expenses +9% to $3.99M and G&A expense more than doubled to $11.86M; noted KRONOS MMR construction permit application was accepted for NRC review in May; company targets approval in mid-to-late 2027.
• NextEra Energy (NEE) has executed definitive agreements with the U.S. Department of Commerce and the Government of Japan to fund the development and operation of up to 10 gigawatts of natural gas-powered generation in Texas and Pennsylvania.
• Spire Global (SPIR) Q2 adj. EPS ($0.31) vs. est. ($0.39); revenue $18.0Mm vs. est. $18.1Mm, -6% YoY following the Maritime-business sale; gross profit $6.2Mm; FY revenue guidance $75Mm-$85Mm vs. est. $79.8Mm; FY adj. EBITDA loss ($26.0Mm)-($20.7Mm) vs est ($22.92Mm); FY adj. EPS guidance ($0.95)-($0.81) vs. est. ($0.88).
• In Railroads (UNP, CSX, NSC), U.S. rail freight volume climbed 2.4% year-over-year for the week ending Aug. 1, with intermodal traffic rising 4.8% and metallic ores leading commodity gainers at 9.1%. Through the first 30 weeks of 2026, total combined traffic is running 3.3% ahead of last year.
• Virgin Galactic (SPCE) shares fall after posts Q2 revenue of $134,000, down from $406,000 a year earlier and the company postpones launch of its first next-generation passenger spaceship into commercial service to February 2027 from Q4 of 2026; expects to deliver positive quarterly cash flow within 2027
• X-energy (XE) Q2 EPS loss (-$.21) vs. est. loss (-$0.10); Q2 revs rose 154% y/y to $54.6M vs. est. $33.6M; Services Revenue $50.1M, Grant Income $4.5M, Operating Expenses $164.6M, +156% YoY

• BitGo Holdings (BTGO) Q2 EPS loss (-$0.16) vs. est. loss (-$0.07), reversing prior-year profit due to unrealized losses on digital assets; Q2 revs rose 80% y/y to $4.33B vs. est. $3.78B driven by higher asset sales though margins fell due to lower spreads and product mix changes; announced that CFO, Ed Reginelli, will transition from his role during the coming quarter; authorized $50M share repurchase.
• Opendoor Technologies Inc. (OPEN) announced a series of transactions whose proceeds will add $440 million of growth capital to the balance sheet at a 0% coupon while reducing shares outstanding by 5%. The combined structure is designed so the Company expects no net share issuance until our stock exceeds $10.38 per share.
• Private equity firm Thoma Bravo will buy Accelerant (ARX) in an all-cash deal worth more than $4 billion deal, the insurance marketplace said

• Kura Oncology (KURA) Q2 EPS ($0.77) vs. est. ($0.88); revenue $20.9Mm vs. est. $21.4Mm; KOMZIFTI product revenue +57%; operating expenses $93.9Mm.
• Lumexa Imaging (LMRI) Q2 adj. EPS $0.20 vs. est. $0.16; revenue $264.2Mm vs. est. $263.1Mm; adj. EBITDA $56.4Mm vs est $55.99Mm; FY revenue guidance $1.045B-$1.097B vs. prior $1.045B-$1.090B and est. $1.07B; FY adj. EBITDA guidance $235Mm-$241Mm vs est $237.49Mm; FY adj. EPS guidance $0.71-$0.77 vs. est. $0.76.
• PTC Therapeutics (PTCT) to buy st-920 Gene therapy for Fabry disease from Sangamo Therapeutics (SGMO) as deal terms include $111M upfront and up to $100M in milestone payments; rolling BLA submission for st-920 expected to complete in Q4 2026.
• STAAR Surgical Co (STAA) Q2 EPS $0.39 vs. est. $0.23; Q2 revs doubled y/y to $93.5M vs. est. $90.6M; Q2 net income swung to $8.1M from a year-ago net loss while gross margin widened to 74.5%; Q2 China net sales rose to $52.3M; cash and investments climbed to $181.5M, with no outstanding debt.

• Cisco Systems (CSCO) Q4 adj EPS $1.22 tops consensus $1.17 and revs $17.3B vs. est. $16.83B; sees Q1 adjusted EPS $1.32-$1.34 topping ests and revenue $18B-$18.2B also beating consensus $16.66B; expects annual revenue between $72.2B-$73.4B, compared with analysts’ average estimate of $68.69B; says $4B of orders taken in q4, bringing total for FY 2026 to $9.3B.
• Coherent Corp. (COHR) Q4 adj. EPS $1.74 vs. est. $1.61; revenue $2.05B vs. est. $1.99B; adj. operating Income $446Mm vs. est. $426.7Mm; adj. operating margin 21.8%; guides Q1 revs $2.2-2.4B vs est $2.135B, adj gr mgn 39.5-41.5$, adj EPS $1.85-2.05 vs est $1.77.
• Dynatrace (DT) has agreed to acquire Arize in a cash-and-stock deal valued at approximately $915M. Under the agreement, Dynatrace will pay about $815M in cash, with the remainder consisting of replacement equity awards for Arize employees joining Dynatrace.
• Harmonic Inc. (HLIT) Q2 EPS $0.24 vs. est. $0.17; revenue $133.5Mm vs. est. $120.9Mm; operating Income $23.6Mm vs est $25.67Mm.
• IBM Corp. (IBM) announces partnership with OpenAI to help enterprises deploy AI at scale across core business operations and complex workflows. Partnership embeds OpenAI frontier models like GPT-5.6 and products like Codex and ChatGPT Work into IBM Consulting Advantage, IBM’s AI platform for delivering consulting services to clients
• Infleqtion Inc. (INFQ) Q2 EPS loss (-$0.12) vs. est. loss (-$0.05); Q2 revs $12.6M vs. est. $10.64M; raised its 2026 revenue outlook to about $43M; Q2 GAAP operating loss widened to -$30.6M; ended Q2 with $582M; commerce LOI provides for up to U$100M in proposed funding.
• Kimball Electronics (KE) Q4 adj EPS loss (-$0.01) vs. est. $0.39; Q4 sales $371.6M vs. est. $373.4M; said Q4 net sales rose 5% from the prior qtr, with all end-market verticals posting gains; Medical sales increased in Q4 and grew over 10% for the full year; sees FY27 revenue $1.535B-$1.56B vs. est. $1.53B and said expects organic sales growth of 3% to 5% for fiscal 2027.
• Alpha & Omega Semi (AOSL) shares fall on results; Q4 adj. EPS ($0.13) vs. est. ($0.24); revenue $170.4Mm vs. est. $168Mm, -3.5% YoY; adj. gross margin 23.7%; adj. operating loss ($4.8Mm); Q1 revenue guidance $166Mm-$186Mm vs. est. $180.5Mm