Early Look

Wednesday, August 6, 2025

U.S. futures are flat to up slightly on Wednesday after ending lower the prior day, as the S&P 500 index held around the 6,300 level most of yesterday. U.S. stocks slipped on Tuesday after mixed economic data, while investors monitored earnings reports and the latest trade news with U.S. President Donald Trump threatening hefty tariffs on U.S. pharmaceutical imports. Data showed that U.S. ISM services sector activity unexpectedly flatlined in July with little change in orders and a further weakening in employment. The U.S. trade deficit narrowed in June on a sharp drop in consumer goods imports, while the trade gap with China shrank to its lowest in more than 21 years due to the impact of tariffs. AI related stock plays continue to lead the gains in the Nasdaq and stock markets overall, as Bloomberg reported that OpenAI is in early talks about a potential secondary sale of stock for current and former employees at a valuation of about $500B, people briefed on the investment discussions said, marking an enormous gain in value for the artificial intelligence leader. In Asian markets, The Nikkei Index gained 245 points to 40,794, the Shanghai Index climbed 16 points to 3,634, and the Hang Seng Index edged higher 8 points to 24,910. In Europe, the German DAX is up 28 points to 23,974, while the FTSE 100 rises 20 points to 9,162. British equities edged higher as investors assessed a mixed bag of corporate earnings and awaited a Bank of England rate cut on Thursday. The Euro rises to overnight highs, up +0.25% and back above the $1.16 level vs the dollar. China is pushing back against the US despite a temporary trade truce, according to a Bloomberg report on Wednesday. Earnings overnight moving many names with chip stocks lower after AMD, SMCI results, and EV stocks slip on RIVN, LCID results. DIS headlines earnings this morning posting a beat and raise on EPS but mixed segment data, but it was their huge moves into the football and wrestling worlds that dominated after announcing mega rights deals with both the NFL and TKO’s WWE in streaming news. Meanwhile, US trade partners are scrambling to strike trade deals before Trump’s new tariff deadline arrives Thursday.

• The Dow Jones Industrial Average slid -61.90 points, or 0.14%, to 44,111.74
• The Nasdaq Composite dropped -137.03 points, or 0.65%, to 20,916.55
• The Russell 2000 Index advanced 13.37 points, or 0.60% to 2,225.67

• 10:30 AM ET                Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $39B in 10-year notes

• Earnings After the Close: ABNB ACAD AIG AKA ALTO AMRZ AOSL APA APEI APP ARKO ATO ATRO AWR BBSI BMBL BROS BRY BV BYND CACE CDE CDLX CDNA CENT CERT CF CHRD CIVI CPA CPAY CPRX CRH CSGS CTRE CTVA CURLF CW CWAN DASH DHT DHX DKNG DOX DUOL EBS ELF ENS ET EXAS FNF FRT FSLY FTNT GDRX GNK GRPN HCC HL HLF HNST HUBS III INFA IONQ IPI JACK JOBY KLIC KR LAW LB LESL LOPE LYFT MCK MEG MET MG MGNI MKSI MQ MUR NDLS NTR O OEC OXY PAAS PAYC POWI PR PRI RAMP RDW RELY RGLD ROOT RUN RYN SBGI SBLK SDGR SDRL SKYT SONO SPCE SPT SRPT STE SYM TALO TKO TNDM TPC TPVG TVTX UPWK UTI VECO VSTA VTLE WES ZPER Z ZG

• President Trump on Tuesday said he would announce tariffs on semiconductor and pharmaceutical imports “within the next week or so,” as he prepares to add more sectoral duties to his mix of tariffs.

• Lucid Group (LCID) shares fell; Q2 adj EPS loss (-$0.24) vs. est. loss (-$0.22); Q2 revs $259.4M vs. est. $279.64M; said for Q2, produced 3,863 vehicles, delivered 3,309 vehicles, up 38.2% compared to Q2 2024; now expects to make between 18,000 and 20,000 vehicles this year, compared to its previous forecast of 20,000 vehicles.
• Rivian Automotive (RIVN) Q2 EPS loss (-$0.97) vs. est. loss (-$0.78); Q2 revs $1.303B vs. est. $1.29B; said in Q2 made significant progress in R2 development and testing; sees FY25 adjusted EBITDA ($2B)-($2.25B); sees FY25 vehicles delivered 40,000-46,000 and sees FY25 capital expenditures $1.8B-$1.9B.
• MasterBrand (MBC) and American Woodmark (AMWD) announced that they have entered into a definitive agreement whereby MasterBrand will combine with American Woodmark via an all-stock merger. The combined company would have a pro forma equity value of $2.4B and an enterprise value of $3.6B based on the exchange ratio and closing share price as of August 5, 2025. Under the terms of the agreement, at closing, American Woodmark shareholders will receive 5.150 shares of MasterBrand common stock for each share of American Woodmark common stock owned. MasterBrand and American Woodmark shareholders will own approximately 63% and 37% of the combined company,

• Devon Energy (DVN) Q2 core EPS $0.84 vs. est. $0.86; Q2 average realized prices came in at $36.30 per barrel of oil equivalent (boe) during the reported period, compared with $44.29 per boe last year; Q2 production rose to 841,000 barrels of oil equivalent per day (boepd), from 707,000 boepd a year ago; increasing its full-year 2025 oil production forecast to a range of 384,000 to 390,000 barrels per day. The company is also increasing its total production outlook and now expects volumes to be in the range of 825,000 to 842,000 Boe per day.
• Noble Corp. (NE) Q2 adj EPS $0.13 vs. est. $0.53 on revs $849Mm vs est. $846.8Mm; guides FY revs $3.2-3.3B vs est. $3.276B.

• Equitable Holdings (EQH) Q2 adj EPS $1.10 vs est. $1.29, adj op Inc $352Mm on revs $2.36B vs est. $2.36B; returns $318Mm to shareholders.
• Flywire (FLYW) shares rise; Q2 revs $131.9M vs. est. $122M; Q2 adj Ebitda $16.6M vs. est. $10.1M; reaffirms guidance.
• Franklin Resources (BEN) reported preliminary month-end assets under management of $1.62T at July 31, 2025, compared to $1.61T at June 30, 2025
• Opendoor Technologies (OPEN) shares fall; Q2 revs rose 4% y/y to $1.6B vs. est. $1.5B; guides QA3 revs $800M-$875M below consensus $1.2B; Gross profit of $128M, versus $129M in 2Q24 and $99M in 1Q25; Gross Margin of 8.2%, versus 8.5% in 2Q24 and 8.6% in 1Q25.
• Paylocity Holding (PCTY) Q4 adj EBITDA $130.7Mm vs est. $121.4Mm on revs $400.7Mm vs est. $362.96Mm; guides Q1 revs $397.5-402.5Mm vs est. $392.35Mm and FY revs $1.707-1.722B vs est. $1.712B.
• Toast (TOST) Q2 EPS $0.13 vs est. $0.12, op Inc $80Mm vs est. $56.19Mm on revs $1.55B vs est. $1.519B; annual recurring revs $1,9B; guides Q3 adj EBITDA $140-150Mm vs est. and FY adj EBITDA $145.14Mm and FY adj EBITDA $565-585Mm vs est. $566.16Mm.
• Upstart Holdings (UPST) shares fall; Q2 EPS $0.05 vs est. $0.26 on revs $257Mm vs est. $225.37Mm; guides Q3 revs approx $280Mm vs est. $267.11Mm and adj EBITDA approx $56Mm; sees FY revs approx $1.055B vs est. $1.01B and adj EBITDA mgn approx 20%.

• Amgen inc. (AMGN) Q2 adj EPS $6.02 vs est. $5.29 on revs $9.18B vs est. $8.938B; guides FY revs $35-36B vs est. $35.37B and adj EPS $20.20-21.30 vs est. $20.91.
• Clover Health (CLOV) Q2 revs $478M vs. est. $468.3M; Q2 adj Ebitda $17M vs. est. $16.3M; FY insurance revs maintained between $1.8B-$1.875B vs. est. $1.86B.
• Davita Inc. (DVA) Q2 adj EPS $2.95 tops consensus $2.75; Q2 revs $3.38B vs. est. $3.36B; sees 2025 adjusted EPS $10.20-$11.30, vs. consensus $10.71; Q2 Operating income was $538M and adjusted operating income was $551M.
• Halozyme Therapeutic (HALO) Q2 EPS $1.54 vs. est. $1.23; Q2 revs $326M vs. est. $285.92M; posted a 65% increase in royalty revenue driven by our current three blockbuster therapies, DARZALEX SC, Phesgo, and VYVGART Hytrulo; raises FY25 non-GAAP EPS view to $6.00-$6.40 from $5.30-$5.70 and raises revenue outlook as well.
• Janux Therapeutics (JANX) announced the dosing of the first patient in its TRACTr collaboration with Merck (MRK), known as MSD outside of the United States and Canada
• Jazz Pharmaceuticals (JAZZ) Q2 adj EPS loss (-$8.25), vs. est. loss (-$6.25); Q2 revenue $1.045B vs. est. $1.05B; narrows FY25 EPS view $4.80-$5.60 from $4.00-$5.60 (est. $4.83) while narrows FY25 revenue view to $4.15B-$4.3B from $4.15B-$4.4B (est. $4.23B); Renee Gala named as President and CEO, effective August 11; Xywav(R) revenues grew 13% year-over-year, with robust net patient adds of 625 quarter-over-quarter.
• Masimo Corp. (MASI) Q2 adj EPS $1.33 vs est. $1.22 on revs $371Mm vs est. $368.8Mm; guides FY revs $1.505-1.535B vs est. $1.519B and adj EPS $5.45-5.70 vs est. $4.98.
• Vaccines (MRNA, PFE, BNTX, NVAX): The U.S. Department of Health and Human Services announced the beginning of a coordinated wind-down of its mRNA vaccine development activities under the Biomedical Advanced Research and Development Authority, including the cancellation and de-scoping of various contracts and solicitations.

• International Flavors & Fragrances (IFF) Q2 adj EPS $1.15 vs. est. $1.12; Q2 revs $2.764B vs. est. $2.7B; reaffirms FY25 revenue view $10.6B-$10.9 (est. $10.83B) and sees FY25 adjusted operating EBITDA to be in the range of $2B-$2.15B.
• Mosaic Co. (MOS) Q2 adj EPS $0.51 vs. est. $0.73; Q2 revs $3.0B vs. est. $3.1B; Sales volumes of 2.3 million tonnes in the second quarter of 2025 improved from 2.1 million tonnes in the first quarter; raises FY25 potash volumes view to 9.3M-9.5M tonnes.
• Powell Industries (POWL) Q3 EPS $3.96 vs est. $3.77 on revs $286Mm vs est. $301.69Mm, gr mgn 30.7%.
• Ramaco Resources (METC) 10.67M share Spot Secondary priced at $18.75.
• ViaSat inc. (VSAT) Q1 adj EPS $0.17 on revs $1.2B vs. est. $1.127B; guides FY low single digit rev growth.

• Arista Networks (ANET) shares rise; Q2 adj EPS $0.73 vs est. $0.65 on revs $2.205B vs est. $2.108B, adj gr mgn $65.6%; guides Q3 revs $2.25B vs est. $2.114B, adj gr mgn approx 64% and adj op mgn approx 47%.
• Astera Labs (ALAB) shares rose; Q2 adj EPS $0.44 vs est. $0.32, adj op Inc $75.2Mm vs est. $54.1Mm on revs $191.9Mm vs est. $172.5Mm, adj gr mgn 76%; guides Q3 revs $203-210Mm vs est. $180.73Mm, adj gr mgn approx 75% and adj EPS $0.38-0.39 vs est. $0.34.
• Cirrus Logic (CRUS) Q1 adj EPS $1.51 vs est. $1.10 on revs $407.3Mm vs est. $364.3Mm, gr mgn 52.6%; guides Q2 revs $510-570Mm vs est. $502.88Mm, gr mgn 51-53%.
• Coupang (CPNG) Q2 EPS $0.02 vs est. $0.06, adj EBITDA $428Mm vs est. $434.05Mm on revs $8.524B vs est. $8.471B, gross margin 30%.
• Walt Disney (DIS) posted better-than-expected Q3 results and raised its full-year earnings guidance; Q3 adjusted earnings per share rose 16% from a year earlier to $1.61 vs. ests $1.47; for the full year ending in September, the company projected adjusted EPS of $5.85, a 10-cent increase from a prior forecast; Q3 operating income in the entertainment division fell 15% to $1 billion while Disney’s parks division reported a 13% increase in operating income to $2.5 billion. Profits at domestic parks rose 22%; at the sports unit, operating income rose 29% to $1 billion.
• Disney’s (DIS) ESPN to acquire NFL Network, other assets in exchange for 10% stake. ESPN, a subsidiary of The Walt Disney Company, and the National Football League announced a non-binding agreement under which ESPN will acquire NFL Network and certain other media assets owned and controlled by the NFL – including NFL’s linear RedZone Channel, and NFL Fantasy – in exchange for a 10% equity stake in ESPN. ESPN said on Wednesday it would launch the new ESPN’s direct-to-consumer streaming service on August 21, priced at $29.99 per month. ESPN sets launch date for stand-alone streaming service, priced at $30 monthly starting August 30^th.
• Disney’s (DIS) ESPN will also become the exclusive home for all WWE events, including WrestleMania, from 2026 in the U.S., the company said. The WSJ reports that ESPN and the WWE reach landmark rights agreement as ESPN platforms become exclusive U.S. domestic home of all WWE premium live events, including WrestleMania, starting in 2026. The WSJ reports the deal is a 5-year deal valued at $1.6B for the deal with TKO Sports (TKO).
• DoubleVerify (DV) Q2 revs rose 21% y/y to $189M vs. est. $180.4M; Q2 adj Ebitda $57.3M vs. est. $53.1M; raises full-year 2025 revenue growth guidance to ~15%, reaffirms full-year 2025 adjusted EBITDA margin of 32%; sees Q3 revenue between $188M-$192M vs. est. $186.6M.
• Klaviyo (KVYO) Q2 adj EPS $0.16 vs est. $0.13, adj op Inc $40.9Mm on revs $293.1Mm vs est. $278.65Mm; guides Q3 revs $297-301Mm vs est. $289.73Mm and FY revs $1.195-1.203B vs est. $1.175B.
• Match Inc. (MTCH) Q2 EPS $0.49 vs est. $0.49, adj op Inc $289.9Mm vs est. $199.16Mm on sales $863.738Mm vs est. $853.58Mm; guides Q3 sales $910-920Mm vs est. $890.33Mm, adj op Inc $330-335Mm vs est. $237.06Mm.
• News Corp. (NWS) Q4 revs $2.11B vs. est. $2.1B was driven by steady growth in digital subscriptions from its Dow Jones segment; said Dow Jones reported a 6.7% rise in revenue to $604M up from $566M y/y.
• Qualys Inc. (QLYS) Q2 adj EPS $1.68 vs est. $1.47, adj EBITDA $73.4Mm vs est. $68.4Mm on revs $164.1Mm vs est. $161.2Mm, adj gr mgn 84%; guides Q3 revs $164.5-167.5Mm vs est. $163.77Mm and adj EPS $1.50-1.60 vs est. $1.51; sees FY revs $656-662Mm vs est. $653.24Mm and adj EPS $6.20-6.50 vs est. $6.23.
• RingCentral (RNG) shares rose; Q2 EPS $1.06 vs. est. $1.02; Q2 revs $620.4M vs. est. $617.86M; raises FY25 EPS view to $4.20-$4.32 from $4.13-$4.27 (est. $4.21), while reiterating FY25 total revenue growth range of 4% to 6% y/y; announced a renewed collaboration with Nice Systems (NICE); appoints new CFO.
• Skyworks Solutions (SWKS) shares rise; Q3 adj EPS $1.33 vs. est. $1.22; Q3 revs $965M vs. est. $940.8M; Q3 adj op income $224M vs. est. $212.2M; guides Q4 revs $1.0B-$1.03B vs. est. $882M; initiates consolidation of Woburn facility into Newbury Park
• Snap Inc. (SNAP) Q2 EPS loss (-$0.16) vs. est. $0.01; Q2 revs $1.35B in-line and Ebitda $41.27M vs. est. $42.4M; Q2 MAUs up 7% to 932M and DAUs up 7% to 469M; guides Q3 revs $1.48B-$1.51B vs. est. $1.48B and adj Ebitda $110M-$135M vs. est. $111.9M; overall Q2 growth that was the slowest in more than a year.
• Supermicro Devices (SMCI) shares fall; Q4 revs $5.76B misses the $5.89B estimate; Q4 EPS $0.41 vs. est. $0.44; sees Q1 non-GAAP EPS $0.40-$0.52 vs. est. $0.59 and sales of $6.0B-$7B; sees FY26 revs at least $33B vs. est. $30B.
• Zeta Global (ZETA) Q2 adj EBITDA $58.769Mm vs est. $54.71Mm on revs $308Mm vs est. $296.7Mm; guides Q3 revs $327-329Mm vs est. $323.42Mm and adj EBITDA $70.3-71Mm vs est. $69.79Mm; sees FY revs $1.258-1.268B vs est. $1.241B and adj EBITDA $263.6-265.6Mm vs est. $258.61Mm.