Early Look

Tuesday, August 5, 2025

U.S. futures are looking higher, building on yesterday’s gains where the S&P and Nasdaq finished the day at their best levels as Wall Street continues to digest the onslaught of earnings results overnight/this morning. Spuz +0.24% at 6,371, holding in a tight 20-point range overnight (6,358 low and 6,377.50 high) after surging on Monday while the Nasdaq again leads with technology and communications still leading on AI growth hopes. The Dow Industrials, S&P 500 and Nasdaq Composite recorded their biggest daily % gain since May 27, starting the week with a bounce and erasing the Friday losses (which was biggest one day loss since late April) following weak jobs data/AMZN report and tariff news. Ten of the S&P 500’s eleven major industry sector indexes rose on Monday with Technology (XLK +2%) and Communications Services (XLC +1.9%) leading the gainers while Energy (XLE) was the only sector lower amid a drop in oil prices. As has been the case for all of 2025, dip buyers reappeared on earnings exuberance and increased Fed rate-cut expectations, overshadowing increased worries of an imminent growth slowdown after the weaker jobs report last Friday. In Asian markets, The Nikkei Index advanced 258 points to 40,549, the Shanghai Index gained 34 points to 3,617, and the Hang Seng Index jumped 169 points to 24,902. In Europe, the German DAX is up 167 points to 23,925, while the FTSE 100 is up 31 points to 9,160. The U.S. dollar edged up against the euro and the yen, but remained within striking distance of Friday’s lows, after weak U.S. jobs data boosted bets on Federal Reserve rate cuts and triggered a sharp selloff in the greenback. In trade news, the EU said that European Union goods entering the US face a flat 15% tariff, including cars and car parts. The rate includes the Most Favored Nation (MFN) tariff and won’t exceed 15% even if the US raises tariffs on items like semiconductors and medicines. Among the big earnings names this morning, CAT, DD, PLTR, PRIM, LDOS rising on earnings while HIMS, INSP, MELI, NVTS shares slide and later AMD, DIS, MCD report.

• The Dow Jones Industrial Average rose 585.06 points, or 1.34%, to 44,173.64
• The Nasdaq Composite surged 403.45 points, or 1.95%, to 21,053.58
• The Russell 2000 Index advanced 45.52 points, or 2.10% to 2,212.30

• 8:30 AM ET                  International Trade for June…est. (-$61.3B)
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:45 AM ET S&P Global Composite PMI, Final-July…prior 54.6
• 9:45 AM ET S&P Global Services PMI, Final-July…est. 55.2
• 10:00 AM ET ISM Non-Manufacturing Index PMI for July…est. 51.5
• 1:00 PM ET US Treasury to auction $58B in 3-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACHC ADPT AEIS AFG AFL AGL AIZ ALAB AMD AMGN AMWL ANET ANGI APPS ATEN BBIO BL BOOM CC CERS CHGG CLOV CPNG CRC CRCT CRUS CWEN DAWN DV DVA DVN EGHT EOLS EQH EVC FLYW FTK GO GPOR GSM GXO HALO HPP HRTG HY IFF INN IPAR JAZZ JELD KIDS KMPR KVYO LCID LEU LFMD LMAT LMB LRN MASI MATW MOS MTCH MYGN NCMI NE NWSA OPEN OSUR OUT PARR PAYS PCRX PCTY POWL QDEL QGEN QLYS RARE REZE RIGL RIVN RNG RRX RVLV RYAM SAFE SMCI SNAP SUPN SWKS TDC TOST TRVG UPST VOYA VSAT VTOL WTTR ZETA

• The Trump administration has said new tariffs won’t hit goods already en route to the US before 12:01am Thursday, per a Bloomberg report. Exemptions include US-Mexico-Canada (USMCA) products and items for aid. But a 40% tariff will target goods rerouted to Dodge duties.
• Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation’s continued use of Russian crude.

• MercadoLibre (MELI) Q2 EPS $10.31 vs. est. $11.89; Q2 revs rose 34% y/y to $6.79B vs. est. $6.66B; Q2 net income $523M vs. est. $596M; sales measured by gross merchandise value rising 37% on a forex-neutral basis; Q2 Ebit record at $825M but below ests $869M and Ebit margin 12.2% down from 14.3% y/y.
• Molson Coors (TAP) Q2 adj EPS $2.05 vs. est. $1.83; Q2 revs $3.2B vs. est. $3.1B; said in the quarter we experienced expected headwinds primarily from the discontinuation of our contract brewing arrangements in the Americas at the end of 2024; sees FY25 adjusted EPS down 7%-10% vs. prior view of low single-digit growth, consensus $5.87. Sees FY25 net sales down 3%-4% on cc basis.
• Oddity Tech (ODD) Q2 adj EPS $0.92 vs est. $0.88, adj EBITDA $70Mm vs est. $67.3Mm on revs $241Mm vs est. $238.4Mm; guides Q3 revs $144-146Mm vs est. $143.38Mm, gr mgn 68%, adj EBTITDA $26-28Mm vs est. $25.46Mm and adj EPS $0.33-0.36 vs est. $0.32; sees FY revs $799-804Mm vs est. $797.97Mm, gr mgn 71%, adj EBITDA $160-162Mm vs est. $159.26Mm and adj EPS $2.06-2.09 vs est. $2.04.
• ThredUP (TDUP) Q2 EPS loss (-$0.04) vs. est. loss (-$0.5); Q2 revs $77.66M vs. est. $73.76M; reports active buyers of 1.47M and orders of 1.54M for Q2; raises FY25 revenue view to $298M-$302M from $281M-$291M.
• Trex Co (TREX) Q2 adj EPS $0.73 vs est. $0.71 on sales $387.8Mm vs est. $377.83Mm; reaffirms FY revs +5-7% vs est. +6.35%.

• Coterra Energy (CTRA) Q2 adj EPS $0.48 vs. est. $0.45; Q2 adj net income $367M vs. est. $$346.7M; Q2 revs $1.965B vs. est. $1.70B; Q2 total BOE (barrels of oil equivalent) and natural gas production exceeded the high-end of our guidance ranges while oil volumes beat the midpoint by approximately 2%. Capital expenditures were below the low-end of guidance range; raise FY25 total equivalent and natural gas production guidance, maintaining oil production midpoint.
• Diamondback Energy (FANG) Q2 adjusted free cash flow $2.1B; raised its full-year production forecast to between 890,000 and 910,000 boepd, from between 857,000 and 900,000 boepd; lowers full year cash capex to $3.4-$3.6B; reported Q3 oil production guidance of 485 – 495 mboe/d (890 – 920 mboe/d) with Q3 capex $750-$850M; approves $2 bln increase to share repurchase authorization.
• Mueller Water Products (MWA) Q3 adj EPS $0.34 vs est. $0.34, adj EBITDA $86.4Mm vs est. $86.1Mm on sales $380.3Mm vs est. $367.5Mm; guides FY revs $1.405-1.415B vs est. $1.394B.
• ONEOK (OKE) Q2 EPS $1.34 vs est. $1.33, adj EBITDA $1.981B vs est. $2.013B; affirms FY guidance.
• Transocean (RIG) Q2 adj Ebitda $344M vs. est. $318M; Q2 revs $988M vs. est. $973.1M; Q2 EPS loss (-$1.06); After consideration of these net unfavorable items, Q2 adjusted net income was $19M; Contract drilling revenues for the three months ended June 30, 2025, increased sequentially by $82 million to $988M while expenses fell q/q.
• Viper Energy (VNOM) Q2 adj EPS $0.41 vs. est. $0.39; Q2 average production of 41,615 boe/d; initiating avg daily production guidance for 3Q of 46,000 to 49,000 Bo/d (86,000 to 92,000 Boe/d).
• Williams Companies (WMB) Q2 adj EPS $0.46 vs est. $0.48, adj EBITDA $1.808B vs est. $1.816B on revs $2.78B vs est. $2.731B; guides FY adj EBITDA $7.6-7.9B vs est. $7.727B.

• Vornado Realty (VNO) Q2 adj FFO $0.56 vs. est. $0.53 on revs $441.4M.

• Agilon Health Inc (AGL) said Steven Sell steps down as President and CEO; Ronald a. Williams appointed executive Chairman; withdraws full year 2025 guidance.
• Ardelyx Inc. (ARDX) Q2 EPS ($0.08) vs est. ($0.13) on sales $97.662Mm vs est. $82.208Mm; announces CFO to depart.
• BioMarin (BMRN) Q2 adj EPS $1.44 vs. est. $1.01; Q2 revs $825 vs. est. $761.66M; completes acquisition of Inozyme in July 2025; pivotal data from lead indication expected 1H’26; said BMN 333 exceeds targeted exposures of free C-type Natriuretic Peptide (CNP) in healthy volunteer study.
• Castle Bio (CSTL) Q2 2025 revenue of $86.2M topped expectations of $71.4M; raises full-year 2025 revenue guidance to $310-320M from prior $287M-$297M; Q2 test report volume increased 6% y/y; said DecisionDx-Melanoma and TissueCypher test volumes increased significantly, driving revenue performance.
• Encompass Healthcare (EHC) Q2 adj EPS $1.40-1.21 on revs $1.458B vs est. $1.427B; guides FY revs $5.88-5.98B vs est. $5.892B and adj EPS $5.12-5.34 vs est. $5.01.
• Hims & Hers (HIMS) Q2dj EBITDA $82.2Mm vs est. $73.5Mm on revs $544.8Mm vs est. $551.6Mm; guides Q3 revs $570-590Mm vs est. $582.79Mm and adj EBITDA $60-70Mm vs est. $77.25Mm; sees FY revs $2.3-2.4B vs est. $2.35B and adj EBITDA $295-335Mm vs est. $324.32Mm.
• Inspire Medical (INSP) Q2 adj EPS $0.45 vs. est. $0.20; Q2 revs $217.1M vs. est. $214.34M; achieved gross margin of 84.0% in Q2; cuts FY25 diluted EPS guidance to $0.40-$0.50 from $2.20-$2.30 (est. $2.26); lowers FY25 revenue guidance to $900M-$910M from $940M-$955M while maintains its FY25 gross margin guidance of 84%-86%.
• Vertex Pharmaceuticals (VRTX) Q2 adj EPS $4.52 vs est. $4.26 on revs $2.96B vs est. $2.905B; reiterated FY guidance, says treatment with the selective NaV1.8 pain signal inhibitor VX-993 after bunionectomy surgery did not meet the primary endpoint.

• Axon Enterprises (AXON) Q2 adj EPS $2.12 topped consensus $1.46 on revs $669M vs. est. $640.97M; raises FY25 revenue to $2.65B-$2.73B from $2.6B-$2.7B (est. $2.66B) and raises FY25 adjusted EBITDA view to $665M-$685M from $650M-$675M.
• Boise Cascade (BCC) Q2 EPS $1.64 vs. est. $1.74 on in-line revs $1.74B saying they experienced sequential volume growth driven by seasonally stronger activity, although underlying demand for new residential construction remained muted; said market conditions have led to reduced home turnover and households delaying big projects.
• BWX Technologies (BWXT) Q2 adj EPS $1.02 vs est. $0.79, adj EBITDA $145.9Mm vs est. $125.4Mm on revs $764Mm vs est. $710.8Mm; guides FY revs $3.1B vs est. $3.062B, FCF $275-285Mm and adj EPS $3.65-3.75 vs est. $3.53.
• Cabot Corp. (CBT) Q3 adj EPS $1.9 vs. est. $1.82; announced a definitive agreement to acquire Mexico Carbon Manufacturing S.A. de C.V. (MXCB) from Bridgestone Corporation for $70 million on a debt-free, cash-free basis.
• Caterpillar (CAT) reported a lower Q2 profit, hurt by sluggish demand, pricing pressure and higher costs tied to U.S. tariffs with adj EPS $4.72 down from $5.99 y/y and below consensus $4.90; Q2 revs $16.69B vs. est. $16.26B; guides 3Q 2025 sales and revenues grow moderately as compared y/y; sees 2025 sales and rev slightly higher vs 2024 and said net incremental tariffs about $400M-$500M in Q3.
• DuPont (DD) Q2 adj EPS $1.12 vs. consensus $1.06; Q2 revs $3.26B vs. est. $3.24B; guides Q3 results just above estimates and raises its FY25 adjusted EPS view to $4.40 from $4.30-$4.40 (consensus $4.30) and boosts FY25 revenue view to $12.85B from $12.8B-$12.9B (est. $12.8B); sees FY25 operating EBITDA $3.36B.
• Leidos (LDOS) Q2 adj EPS $3.21 tops consensus $2.65 on revs $4.25B vs. est. $4.23B; raises FY25 adjusted EPS view to $11.15-$11.45 from $10.35-$10.75 and boosts FY25 revenue view to $17B-$17.25B from $16.9B-$17.3B, vs. consensus $17.17B; sees FY25 adjusted EBITDA margin mid 13%.
• Palantir Technologies (PLTR) Q2 EPS $0.16 vs. est. $0.14; Q2 revs $1.00B vs. est. $939.5M; said Q2 customer count grew 43% year-over-year and 10% quarter-over-quarter; sees Fy25 revs in the range of $4.14B-44.1% up from prior view $3.89B-$3.9B (est. $3.9B); said it now expects revenue derived from U.S. businesses to come in above $1.30 billion, up from its earlier guidance of more than $1.18 billion.
• Primoris Services (PRIM) Q2 adj EPS $1.68 vs est. $1.08, adj EBITDA $154.8 vs est. $112.1Mm on revs $1.891B vs est. $1.689B; guides FY adj EPS $4.90-5.10 vs est. $4.47 and adj EBITDA $490-510Mm vs est. $453.06Mm.
• Sterile Infrastructure (STRL) Q2 EPS $2.31 vs es.t $1.97, EBITDA $116.2Mm vs est. $110.48Mm, gr mgn 23.3%; guides FY revs $2.1-2.15B vs est. $2.123B and EPS $7.87-8.13 vs est. $7.34.

• Lattice Semiconductor (LSCC) Q2 adj EPS $0.24 vs est. $0.24, adj EBITDA $42.2Mm vs est. $40.38Mm on revs $123.971Mm vs est. $123.6Mm; guides Q3 revs $128-138Mm vs est. $131.87Mm, adj gr mgn 68.5-70.5%, adj EPS $0.26-$0.30 vs est. $0.27.
• Navitas Semiconductor (NVTS) Q2 EPS ($0.25) vs est. ($0.05) on revs $14.49Mm vs est. $14.38Mm; guides Q3 revs $9.5-10.5Mm vs est. $15.67Mm.
• SBA Communications (SBAC) Q2 AFFO/shr $3.17 vs est. $3.20; guides FY AFFO/shr $12.65-13.02 vs est. $12.68.
• Zebra Technologies (ZBRA) announced it has entered into a definitive agreement to acquire Elo Touch Solutions, an innovator of solutions that engage customers, enhance self-service, and accelerate automation across retail, hospitality, quick service restaurants, healthcare, and industrial markets for $1.3B in cash.
• ZoomInfo Technologies (GTM) Q2 adj EPS $0.25 vs est. $0.23 on revs $306.7Mm vs est. $296.38Mm; guides Q3 revs $302-305Mm vs est. $297.6Mm and adj EPS $0.24-0.26 vs est. $0.25.