Early Look

Tuesday, July 28, 2026

Another day, selloff in technology stocks led by semis and memory in the U.S. after South Korea’s Kospi fell 10.84% and Japan’s Nikkie plunged over 2,000 points. The semi (SOX) rout in the U.S. deepens amid China competition concerns in AI sector, circular funding fears between companies as the chip sector undergoes a correction in July with deep declines for WDC (down -22% MTD), SNDK (down 43% MTD), MU (-22% MTD), INTC (-34% MTD) and MRVL (-36 MTD). In Asian markets, The Nikkei Index tumbled -2,566 points or 3.95% to 62,364, the Shanghai Index fell -44 points to 3,813, and the Hang Seng Index rose 103 points to 25,310. The KOSPI index dropped as much as -10.9%, to the lowest level since mid-April after triggering its 9th circuit breaker of 2026 dragged down by a broad retreat in tech stocks. SK Hynix (SKHY) plummeted about 12%, and Samsung slumped nearly 13%. The KOSPI gauge is now down -36% from its June peak. In Europe, the German DAX is up 125 points to 25,487, while the FTSE 100 gains 64 points to 10,846. Gold extended losses in sympathy with equities, Bitcoin and other assets with steep gains earlier in the year. Overall, a deeper pullback in global crude prices and reports of more detailed talks between the U.S. and Iran haven’t even been able to offset the broader tech concerns, which have weighed on markets for several weeks.

The party hasn’t even begun yet with fireworks expected to start mid-week at 2:00 pm et when the FOMC holds its interest rate policy meeting (low chance of rate hike/expectations to remain on hold at 3.5%-3.75% range). Then earnings from META, MSFT are Wednesday night (more capex AI spending fears), core PCE inflation and 2Q GDP print on Thursday morning at 8:30 am et, and then AAPL, AMZN earnings on Thursday night to round out the week. The reigniting of military action in the Middle East has pushed up oil prices and yields in tandem which means the Fed heads into their July meeting on edge.

• The Dow Jones Industrial Average rose 262.83 points, or 0.51%, to 52,210.08
• The Nasdaq Composite dropped -43.74 points, or 0.18%, to 24,932.08
• The Russell 2000 Index advanced 18.04 points, or 0.62% to 2,948.03

• 8:30 AM ET                  Advance goods Trade Balance for June…est. (-$100B)
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Price M/M for May
• 9:00 AM ET                  CaseShiller 20-city index M/M for May…est. 0.0%
• 10:00 AM ET                Richmond Fed Manufacturing for July…prior 4.0
• 10:00 AM ET                Consumer Confidence for July…est.92.3
• 1:00 PM ET US Treasury to sell $44B in 7-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AAT ACGL ACHC AKR APAM ASH AXS BE BXP CAKE CAR CHE CLW CNP CR CSGP CTO CZR ENPH EXE EXLS EXR F FCF FE GEF HIW HURN KLAC LOGI LSTR MANH MDLZ MEOH MIR NBR NEO NOV NXPI OI OMC ORN PDM PDS PPG QRVO QUAD RBBN RNST ROG RUSHA SBCF SLDE STAG STX SWKS TER THG TLRY TMRK TTAM UMBF UNM V VLTO VRNS WERN WM WPC ZWS

• Polaris (PII) Q2 adj EPS $1.97 vs. est. $0.71 as results include $74M of tariff refunds, which benefited adjusted EPS by $0.96c; Q2 revenue $2.02B vs. est. consensus $1.94B; raises 2026 adjusted sales guidance to $7.30B-$7.50B from $7.15B-$7.30B and ups 2026 adj EPS forecast to $3.00-$3.10 from $1.60-$1.70.
• Royal Caribbean (RCL) raised its annual profit forecast to $17.73 to $17.87 per share, compared with its prior forecast of $17.10 to $17.50, betting on steady demand for high-end private island destinations and premium sailings, even as geopolitical and macroeconomic uncertainties persist.
• Toyota (TM) suspends production at Fukuoka plant after an earthquake, Nikkei reports.

• HF Sinclair (DINO) announced plans to pursue a separation of its Lubricants & Specialties segment through the capital markets, creating a new independent, publicly traded company; also announced results.
• Noble Corp. (NE) Q2 adj EPS $0.01 vs. est. $0.18; Q2 revs $719.68M vs. est. $695.79M; Sees FY outlook for revenue of $2.8B-$2.9B, which misses consensus estimates of $2.94B; sees FY outlook for adj EBITDA of $850M-$925M (after Q2 adj Ebitda $212M) and sees FY outlook for CAPEX of $615M-$665M.
• T1 Energy (TE) has acquired foundational solar patents and other intellectual property and other assets from Singapore-based Evervolt Green for a total consideration of $135M.

• Brixmor Property (BRX) Q2 Nareit FFO $0.58, in-line with estimates and Q2 revenue rose 4.33% y/y to $354.20M vs. est. $355.18M. Reports Q2 increase in same property NOI of 5.8% versus the comparable FY25; Q2 net income falls -13.66% to $73.51M; Q2 rental income increased 4.27% to $353.89M; narrows FY25 NAREIT FFO view.
• Cincinnati Financial (CINF) Q2 non-GAAP EPS $1.43 vs. est. $1.82; Q2 revs rose 2.54% y/y to  $2.82B vs. est. $2.92B; Q2 book value per share $0.94 vs. $0.87 last year; said investment income increased nicely, producing our main source of profits in Q2 and bringing our total non-GAAP operating income to $554M for the first half of the year.
• Happen Inc. (HAPN) Q2 EPS $0.50 vs. est. $0.42, beat by $0.08; revenue $262.9Mm vs. est. $262.4Mm, beat by $0.5Mm, up 5.6% YoY; credit loss provision ($10.9Mm); Q3 outlook EPS $0.43-$0.48 vs est $0.44; Q3 outlook loan originations $3.2B-$3.35B.
• Kforce (KFRC) Q2 EPS $0.73 vs. est. $0.66, beat by $0.07; revenue $349.3Mm vs. est. $348.1Mm, beat by $1.2Mm, up 4.5% YoY; adj. EBITDA $23.8Mm; gross profit $99.5Mm; Q3 EPS guidance $0.71-$0.79 vs est $0.70; Q3 revenue guidance $349Mm-$357Mm vs est $350.71Mm.
• NBT Bancorp (NBTB) Q2 EPS $1.02 vs. est. $1.02, in line; net Income $53.0Mm; net interest Income $137Mm vs est $138.22Mm; net interest margin 3.73%; provision for credit losses ($140.5Mm); 8.1% cash dividend increase approved
• Northwest Bancshares (NWBI) Q2 adj. EPS $0.37 vs. est. $0.34, beat by $0.03; net interest Income $146.9Mm vs est $146.65Mm; provision for credit losses $6.6Mm; net interest margin 3.75%; dividend $0.20 per share.
• Principal Financial Group (PFG) Q2 EPS $2.42 vs. est. $2.33; Q2 Assets under management rose 7% y/y to $808B, which is included in assets under administration of $1.9 trillion (+9% y/y); raises quarterly dividend to $0.84 from $0.82; Non-GAAP operating earnings climbed 12% to $547M.
• TransUnion (TRU) Q2 adj EPS $1.23vs. est. $1.15; Q2 revs $1.31B vs. est. $1.28B; FY26 revenue: $5.13B–$5.16B (raised); FY26 revenue growth: 12–13% reported, 8–9% organic constant currency; FY26 Adjusted EBITDA: $1.81B–$1.83B; FY26 Adjusted EPS: $4.75–$4.83 (raised)
• Welltower (WELL) Q2 normalized FFO $1.60 tops consensus $1.55; raises FY26 normalized FFO view to $6.36-$6.44 from $6.21-$6.35 9est. $6.32); sees FY26 blended SSNOI growth of 13.75%-16.00%, led by seniors housing operating segment; said 9.2% y/y/ same store revenue growth in Seniors Housing Operating portfolio was driven by 330 bps average occupancy growth.

• Curium is in advanced talks to acquire Lantheus Holdings Inc. (LNTH) in a deal that could be announced in the coming days, Bloomberg reported last night. The deal would value Lantheus at $7B initially and at $8B, including contingent value rights, with Curium to pay roughly $102 per share upfront and an additional $12.50 per Lantheus share in contingent value rights.
• Johnson & Johnson (JNJ) said it would pay an estimated $5.5 billion to resolve tens of thousands of lawsuits alleging its baby powder and other talc products cause ovarian cancer.
• United Health Services (UHS) Q2 EPS $5.98 vs. est. $6.01; Q2 revs $4.63B vs. est. $4.57B; guides FY revs $18.417B-$18.762B vs. est. $18.5B; Q2 adj net income $358.4M; Q2 acute care hospitals owned during both periods, adjusted admissions (adjusted for outpatient activity) increased by 2.9% and adjusted patient days increased by 3.1% y/y; cuts FY26 adjusted EBITDA view to $2.61B-$2.717B from prior view $2.641B-$2.789B.

• Axalta Coating Systems (AXTA) Q2 sales $1.346B vs. est. $1.314B; Q2 adj EPS $0.72 vs. est. $0.65; guides FY adj diluted EPS $2.55 – $2.70; sees FY net sales YoY growth of low single digit percentage
• Element Solutions (ESI) Q2 adj. EPS $0.47 vs. est. $0.43, beat by $0.04; revenue $977.9Mm vs. est. $871.65Mm, beat by $106.3Mm, up 56.0% YoY; operating Income $113.7Mm vs est $138.1Mm; gross profit $334Mm; adj. EBITDA $184Mm vs est $167.04Mm; FY adj. EBITDA guidance $690Mm-$710Mm vs. prior guidance $665Mm-$685Mm and est $681.24Mm; quarterly cash dividend $0.08 per share declared, payable June 15, 2026.
• Nucor Corp. (NUE) Q2 adj. EPS $4.84 vs. est. $4.38; revenue $10.4B vs. est. $10.1B, beat by $260Mm; EBITDA $2.02B vs est $1.92B; total tons shipped to outside customers up 2%; Steel mills total shipments 7.1Mm tons; says in Q3 expect higher earnings but raw Materials segment expected to have decreased earnings due to lower margins.
• Simpson Manufacturing (SSD) Q2 revs rose 6.3% y/y to $671M vs. est. $658.9M; 2 EPS $3.09 vs. est. $2.72; Q2 operating income $169.13M; raises share repurchase plan by $50M; expects FY consolidated operating margin is estimated to be in the range of 19.7% to 20.5%.

• Amkor Technologies (AMKR) Q2 adj. EPS $0.70 vs. est. $0.48, beat by $0.22; revenue $1.90B vs. est. $1.81B, beat by $88.0Mm, up 12.8% YoY; operating Income $200Mm; EBITDA $400Mm vs est $330.89Mm; gross margin 16.8%; Q3 outlook sales $1.95B-$2.05B vs. est. $2.113B, below consensus; Q3 outlook net Income $180Mm-$205Mm.
• Applied Digital (APLD) Q4 revs +407% y/y to $258.7M; Q4 adj EPS $0.04 vs. est. loss (-$0.09); Q4 Ebitda $42.4M; Revenue from HPC Hosting business totaled $203M in Q2, including $44.1M related to base rent, $152.4M related to tenant fit-out services, and $6.5M related to tenant recoveries; expects $1B NOI run rate a year from now as contracted lease value reaches $36B.
• Cadence Design Systems (CDNS) Q2 adj EPS $2.11 vs. est. $2.06; Q2 revs rose 24.2% y/y to $1.584B vs. est. $1.58B; raises FY26 EPS view to $8.05-$8.15 from $7.85-$7.95 and boosted its FY26 revenue view to $6.26B-$6.34B from $6.125B-$6.225B, (above consensus $6.21B); Backlog ended the quarter at $8.1 billion, with $4.2 billion in remaining performance obligations expected to be recognized over the next 12 months.
• Celestica (CLS) Q2 adj EPS $2.54 vs. est. $2.30; Q2 revs $4.7M vs. est. $4.389B; Q2 adj Ebit margin 8.2% vs. 7.4% y/y; guides Q3 revs $5.25B-$5.55B vs. est. $4.995B and EPS $2.88-$3.08 vs. est. $2.68; Q2 CCS revenue: $3.81B (+84% YoY); ATS revenue: $0.89B (+8% YoY).
• F5 Networks (FFIV) Q3 adj. EPS $4.73 vs. est. $4.00, beat by $0.73; revenue $865.1Mm vs. est. $832.5Mm, beat by $32.6Mm, up 11.6% YoY; product revenue growth 19%; Q4 revenue guidance $870Mm-$890Mm vs. est. $856.9Mm; Q4 adj. EPS guidance $4.14-$4.26 vs est $4.14.
• Navitas Semiconductor (NVTS) Q2 adj EPS ($0.04) vs est ($0.04) ; revenue $10.5Mm vs. est. $9.97Mm, beat by $0.56Mm; Q3 outlook revenue $13-14Mm vs. est. $11.1Mm, above consensus; Q3 outlook adj. gross margin 39.7%.
• Rambus Inc. (RMBS) Q2 adj. EPS $0.77 vs. est. $0.72, beat by $0.05; revenue $207.4Mm vs. est. $198.3Mm, beat by $9.1Mm, up 24.3% YoY; operating Income $72.7Mm vs est $86.71Mm; operating margin 35%; Q3 revenue guidance $210Mm-$216Mm vs est $212.97Mm; Q3 adj. EPS guidance $0.75-$0.82 vs est $0.78.
• Sanmina Corp. (SANM) Q3 adj EPS $3.31 vs et $2.77 on revs $3.46B vs est $3.396B; guides Q4 revs $3.3-3.6B vs est $3.523B and adj EPS $3.05-3.35 vs est $2.88.
• BuzzFeed (BZFD) disclosed that on July 22, the board of directors of the company approved a reduction in workforce plan designed to reduce operating expenses by implementing an approximately 35% reduction in the current workforce and dedicated contractors across various geographies and functions.