Daily US Equity Opening News - AAPL up after earnings; AMZN slips on operating income guidance

TODAY'S AGENDA:

• 
  US INDEX FUTURES: ES -0.7%, NQ -0.8%, YM -0.6%, RUT -1.5%


• 
  DAY AHEAD: The ISM manufacturing data for July is due, where the headline is expected to rise to 49.5 from 49.0. Final University of Michigan sentiment data is also due today, where the headline is seen being revised up to 62.0 from 61.8. In the afternoon, Baker Hughes will release weekly rig count data. On the speakers' slate, we are expecting remarks Fed 2026 voter Hammack on Bloomberg, while 2027 voter Bostic is to appear on CNBC.


• 
  BROKER MOVES: MP upgraded at Jefferies; CAR downgraded at Goldman. For the full list, click here.
  


• 
  MAJOR MORNING MOVES RECAP: AAPL, FSLR, PARA, AMZN, COIN, RDDT, SBUX, GOOGL. For the full list, click here.
  

TRADE

• 
  Rare Earths - The Trump administration plans to expand price support for US rare earths producers, aiming to guarantee a floor price similar to a recent deal with MP Materials (MP). At a July 24th White House meeting, officials urged tech firms like Apple (AAPL) and Microsoft (MSFT) to invest in rare earths amid ongoing tensions with China.


• 
  US Tariffs - President Trump raised average US tariffs globally, while keeping many at 10%, calming investor fears of doubling rates. However, he increased some Canadian tariffs to 35%, heightening trade tensions, with additional hikes affecting countries like Switzerland and New Zealand as part of his ongoing effort to reshape global commerce. Mexico received a 90-day extension of the current tariff rates.


• 
  US-China - China accused the US of exploiting a Microsoft Exchange email server flaw to steal military data and conduct cyberattacks on Chinese defence companies. The Cyber Security Association of China said US actors controlled a key defence sector company’s servers for nearly a year through these vulnerabilities.


• 
  US-Japan - Japan will continue urging the US to reduce tariffs on cars and auto parts to 15% as agreed in a trade deal, aiming to maintain the competitiveness of Japanese automakers. Chief trade negotiator Akazawa said Japan expects the US to fulfil its commitments while Japan honours its own.


• 
  US-Canada - President Trump raised tariffs on certain Canadian imports to 35% (up from 25% imposed in March), further straining US-Canada trade relations. The increase applies despite maintaining an exemption for the USMCA trade agreement.


• 
  US-Cambodia - Cambodia will eliminate tariffs on US goods and plans to buy up to 20 Boeing (BA) 737 Max jets to reduce its trade deficit with Washington. National carrier Air Cambodia is negotiating for 10 planes with an option for 10 more, though price and delivery details remain undisclosed.

MACRO

• 
  Credit Spreads - Goldman Sachs credit strategists advised caution as global corporate credit spreads tighten to their narrowest since 2007. Despite clarity from recent US trade deals and investors overlooking near-term growth softness if recession risks stay contained, they warn against complacency and recommend hedging risks.


• 
  JPY - Japan’s FinMin Kato expressed concern over the JPY’s recent weakness to levels last seen in March, following dovish signals from the BoJ. He emphasised the importance of stable exchange rates reflecting economic fundamentals and cautioned against speculative currency movements.


• 
  UK Plc - The Institute of Directors’ confidence index fell to -72 in July (vs -53 in June), as UK CEOs become more pessimistic about the economy than during the pandemic lockdown. July's reading was the lowest since 2016, and worse than the -69 recorded in April 2020.

EQUITY NEWS:

TECH

• 
  Apple (AAPL) - Reported Q3 revenues above expectations, driven by strong iPhone 16 demand and a rebound in China. It guided Q4 revenue rising mid- to high-single digits, topping expectations (exp. 3%). Q3 2025 (USD): EPS 1.57 (exp. 1.43), Revenue 94.04bln (exp. 89.29bln). Sales breakdown: iPhone 44.58bln (exp. 44.52bln), Services 27.42bln (exp. 26.80bln), Mac 8.05bln (exp. 7.26bln), iPad 6.58bln (exp. 7.24bln), Wearables, Home & Accessories 7.40bln (exp. 7.82bln). By Region, Americas 41.20bln (vs. 37.68bln Y/Y), Greater China 15.37bln (exp. 15.12bln). CEO Tim Cook said purchases pulled forward ahead of tariffs added 1ppt to nearly 10% Q3 sales growth, with evidence of early buying. The June quarter was a record for upgrades, driven by iPhone 16 popularity. Outlook: Apple incurred 800mln in tariff costs in Q3, expects 1.1bln in Q4, and remains open to AI-focused M&A. Apple sees Q4 revenue growth in the mid to high single digits (exp. +3%, or 97.85bln); sees Q4 services revenue growth "similar" to Q3 levels, sees Q4 gross margin between 46-47%, and sees Q4 OpEx between USD 15.6-15.8bln.


• 
  Intel (INTC), Ericsson (ERIC) - Ericsson is in talks to invest hundreds of millions of dollars in Intel's standalone network infrastructure business, according to Bloomberg. The potential investment aligns with Intel's strategic refocus on its Network and Edge Group, which it plans to spin off.


• 
  Alphabet (GOOG) - Alphabet's CapitalG and NVIDIA (NVDA) are in talks to invest in Vast Data's new funding round, which could value the company at up to USD 30bln, according to Reuters.


• 
  TSMC (TSM) - TSMC’s ADRs traded at a 24% premium to its Taipei shares in July, the widest gap in over 16 years, up from 17% in April, Bloomberg notes. The surge raises concerns that AI-driven market enthusiasm for the chipmaker may be overheating.


• 
  Strategy Incorporated (MSTR) Q2 2025 (USD): EPS 32.60 (exp. -0.12), Revenue 114.49mln (exp. 112.65mln). Strategy expanded Bitcoin (BTC) holdings to 628,791 in Q2 and July, raised over 10bln via ATM and IPOs, and reported strong demand for its securities. Bitcoin per Share (BPS) rose 25% YTD, prompting an increase in FY BTC Yield and BTC USD Gain targets to 30% and 20bln. Strategy launched a 4.2bln At-The-Market programme for STRC preferred stock, with proceeds to be used for general corporate purposes, including bitcoin acquisitions; sales will be executed gradually, based on STRC trading price and volume.


• 
  Palantir (PLTR) - The US Army on Thursday said it was consolidating dozens of contracts into a single enterprise deal with Palantir, giving it volume-based discounts and the option to purchase up to USD 10bln from Palantir over 10 years. The deal does not commit the Army to any new purchases, it said in a press release.


• 
  KLA Corporation (KLAC) Q4 2025 (USD): Adj. EPS 9.38 (exp. 8.55), Revenue 3.18bln (exp. 3.08bln). CEO cited record FCF and strong demand driven by AI infrastructure buildout and semiconductor innovation. Outlook: Q1 EPS 7.76-9.30 (exp. 8.15), Q1 revenue 3.0-3.3bln (exp. 3.1bln).


• 
  Five9 (FIVN) Q2 2025 (USD): EPS 0.76 (exp. 0.65), Revenue 283.3mln (exp. 275.2mln). Subscription revenue +16% Y/Y, Enterprise AI revenue +42%. Adj. EBITDA margin hit a record 24%. Announced CEO Mike Burkland will retire after his successor is appointed, remaining as Executive Chairman to support transition; search for a new CEO is underway, aiming for a year-end appointment. Bryan Lee, interim CFO since April 2025, is appointed permanent CFO effective July 31st. Outlook: Q3 EPS 0.72-0.74 (exp. 0.70), Q3 revenue 283-286mln (exp. 285.7mln); raised FY25 EPS view to 2.86-2.90 (exp. 2.76), with revenue guidance narrowed to 1.14-1.15bln (exp. 1.14bln).


• 
  DXC Technology (DXC) Q1 2026 (USD): Adj. EPS 0.68 (exp. 0.62), Revenue 3.16bln (exp. 3.09bln). CEO highlighted strong bookings growth, AI integration, and client connections. Outlook: Q2 adj. EPS 0.65-0.75 (exp. 0.80), Q2 revenue 3.15-3.18bln (exp. 3.1bln). Raised FY26 adj. EPS view to 2.85-3.35 (exp. 3.04) and revenue to 12.61-12.87bln (exp. 12.43bln).


• 
  First Solar (FSLR) Q2 2025 (USD): EPS 3.18 (exp. 2.62), Revenue 1.10bln (exp. 1.04bln). CEO cited a strengthened market position from recent policy and trade developments. Narrowed FY25 EPS view to 13.50-16.50 (exp. 14.87, prev.12.50-17.50) and raised revenue outlook to 4.9-5.7bln (exp. 5.07bln), with volumes sold now expected at 16.7GW-19.3GW.


• 
  Rogers (ROG) Q2 2025 (USD): Adj. EPS 0.34 (exp. 0.50), Revenue 202.8mln (exp. 198.75mln). Interim CEO noted sequential sales growth and share repurchases of 28mln. Outlook: Q3 adj. 0.50-0.90 (exp. 0.84), Revenue 200-215mln (exp. 206mln).


• 
  Monolithic Power Systems (MPWR) Q2 2025 (USD): EPS 4.21 (exp. 4.12), Revenue 664mln (exp. 649mln); sees Q3 revenue 710-730mln (exp. 676mln).


• 
  Intel (INTC) - Said three senior executives in Intel's manufacturing operations are set to retire, Reuters reports. Intel told staff on Tuesday that corporate vice presidents in the technology development group, Kaizad Mistry and Ryan Russell, would retire, as would Gary Patton, corporate vice president at its Design Technology Platform organisation and a former IBM executive


• 
  Salesforce (CRM), ServiceNow (NOW) - Salesforce and ServiceNow are reportedly investing about USD 750mln each in Genesys Cloud Services, jointly contributing to a USD 1.5bln funding round. Genesys develops AI-powered software for customer contact centres, marking a rare collaboration between competing enterprise software firms.


• 
  Klarna - Klarna is considering reviving its potential New York IPO as soon as September, after earlier putting plans on hold amid market turbulence due to tariffs, Bloomberg reports.


• 
  OpenAI - Raised USD 8.3bln at a USD 300bln valuation, months ahead of schedule.

CONSUMER DISCRETIONARY

• 
  Amazon (AMZN) - Shares fall in extended trading after guiding Q3 operating income below expectations; slower AWS growth and lack of visible returns from AI investment weighed on sentiment. Q2 2025 (USD): EPS 1.68 (exp. 1.33), Revenue 167.7bln (exp. 161.91bln), with AWS net sales 30.9bln (exp. 30.77bln). By region, North America sales +11% Y/Y to 100.1bln, international sales +16% Y/Y to 36.8bln (+11% ex-FX). Commentary: CEO said that through H1, it has not seen diminishing demand yet, nor has it seen prices appreciating meaningfully. Added that the company is relocating a number of people to focus on AI features. On AWS, Amazon said demand exceeds current capacity, citing power as the main constraint, alongside intermittent chip and server component shortages; expects these issues to persist for several quarters. On Alexa Plus, it is said to be significantly more intelligent and capable than previous versions, and unlike most chatbots, it can perform real-world tasks. Elsewhere, the company said it will maintain a deep partnership with NVIDIA (NVDA), but highlighted growing reliance on its own AI chips. Guidance: Q3 net sales 174-179.5bln (exp. 173.42bln), Q3 operating income 15.5-20.5bln (exp. 19.42bln).


• 
  Tesla (TSLA) - Spain new registrations (July) +27.4% Y/Y to 702 cars, according to ANFAC. Meanwhile, Tesla sales fell 86% Y/Y in July to 163 cars in Sweden, 52% to 336 cars in Denmark and 27% to 1,307 cars in France, according to Reuters, citing official industry data.


• 
  Starbucks (SBUX) - Shortlisted about a dozen firms, including PE groups Boyu Capital, Carlyle, EQT, FountainVest, KKR, Hillhouse, Primavera, and tech giants JD.com (JD) and Tencent (TCEHY), to advance in its China business investment process, Bloomberg reports.


• 
  Alibaba (BABA), Meituan (MPNGY) - Meituan and Alibaba pledged to end price wars and curb disorderly competition in China’s food delivery market after government warnings. Shares of both rose over 2%, while JD.com (JD) gained 1%. Ele.me and Meituan committed to protecting merchants’ margins and avoiding forced subsidies to promote a fairer business environment.


• 
  China EVs - Chinese automakers, led by BYD (BYDDY), regained a 10.6% share of Europe’s electric vehicle market in June, fully recovering from last year’s EU tariffs. It matches their highest share since June 2024, when manufacturers accelerated shipments to avoid new duties targeting state-backed Chinese EV makers, Bloomberg reports.


• 
  Xpeng (XPEV) - July deliveries hit 36,717 units, +229% Y/Y, marking nine consecutive months above 30,000. YTD deliveries reached 233,906, +270% Y/Y. Expanded European launches with 2025 G6, G9, and upcoming P7+. Now present in 46 countries. Monthly active user penetration in urban driving reached 86%.


• 
  Leggett & Platt (LEG) Q2 2025 (USD): Adj. EPS 0.30 (exp. 0.31), Revenue 1.1bln (exp. 1.06bln). The CEO noted profitability improvement, debt reduction, and progress on the Aerospace business sale. Backed FY25 adj. EPS view of 1.00-1.20 (exp. 1.11), and FY25 revenue at 4.0-4.3bln (exp. 4.15bln).


• 
  Airbnb (ABNB) - Said a loyalty programme is under consideration following the launch of its experiences and services business. No immediate launch is planned, but it has tools that could support a future loyalty scheme, the exec said.


• 
  BYD (BYDDY) - July Sales Volume 344,296 units (prev. 342.4k Y/Y, 382.6k M/M).


• 
  NIO (NIO) - Delivered 21k vehicles in July (24.9k in June).


• 
  Li Auto (LI) -Delivered 30,731 vehicles in July.


• 
  Zeekr (ZK) Delivered 44,193 vehicles in July, +19.7% Y.Y and +2.7% M/M.

INDUSTRIALS

• 
  CSX Corporation (CSX) - Working with Goldman Sachs (GS) to evaluate strategic options following the rival rail merger between UNP and NSC, according to Bloomberg. The discussions include potential merger scenarios, though no deal is guaranteed.


• 
  Boeing (BA) - Offered a new four-year contract to the union representing 3,200 St. Louis factory workers, including the same 20% raise previously rejected. The proposal removes a widely criticised schedule change and maintains a USD 5,000 ratification bonus consistent with its initial offer. Meanwhile, four flight attendants are suing Boeing for physical and emotional injuries related to the mid-cabin panel blowout on the Alaska Airlines (ALK) 737 MAX 9 last year.


• 
  Lockheed Martin (LMT) - Received a USD 4.29bln firm-fixed-price contract modification for Joint Air-To-Surface Standoff Missile and Long-Range Anti-Ship Missile procurement covering JASSM Lots 22-26 and LRASM Lots 9-12. It raised the contract’s total to USD 9.49bln.


• 
  RTX (RTX) - Was awarded a not-to-exceed USD 3.5bln firm-fixed-price incentive contract for Advanced Medium Range Air-to-Air Missile production Lots 39 and 40.


• 
  Southwest Airlines (LUV) - Southwest Airlines Chairman Rakesh Gangwal is resigning after less than a year in the role, effective Friday. Doug Brooks, a 15-year board member, will replace him. Gangwal’s departure is due to time commitments unrelated to Southwest, following an activist investor reshaping the board last October.


• 
  WW Grainger (GWW) Q2 2025 (USD): EPS 9.97 (exp. 10.07), Revenue 4.6bln (exp. 4.53bln); cut FY25 EPS view to 38.50-40.25 (exp. 40.54, prev. 39.00-41.50) and raised FY25 revenue view to 17.9-18.2bln (exp. 17.94bln, prev. 17.6-18.1bln).


• 
  Ingersoll-Rand (IR) Q2 2025 (USD): Adj. EPS 0.80 (exp. 0.80), Revenue 1.89bln (exp. 1.85bln). The CEO highlighted strong organic orders growth, robust book-to-bill ratio, and raised guidance on revenue, adj. EBITDA and EPS. Raised FY25 EPS view to 3.34-3.46 (exp. 3.34) and revenue growth to +4-6% (prev. +3-5%).


• 
  Rocket Companies (RKT) Q2 2025 (USD): Adj. EPS 0.04 (exp. 0.03), Revenue 1.36bln (exp. 1.28bln). The CEO highlighted the Redfin acquisition’s positive early impact on purchase funnel and conversion rates. Sees Q3 revenue at 1.6-1.75bln (exp. 1.44bln), reflecting a full quarter of Redfin consolidation.


• 
  CNH Industrial (CNH) Q2 2025 (USD): Adj. EPS 0.17 (exp. 0.14). Revenue 4.7bln (exp. 4.17bln). Adj. Net Income 216mln (exp. 155.9mln); reaffirmed FY guidance. 2025 Outlook: Global industry retail sales will be lower Y/Y in both the agriculture and construction equipment markets. Will negatively impact segment margin results; however, ongoing action to mitigate costs will partially offset this.


• 
  Ingersoll-Rand (IR) Q2 2025 (USD): Adj. EPS 0.80 (exp. 0.80), Revenue 1.89bln (exp. 1.85bln); raised FY25 EPS view to 3.34-3.46 (exp. 3.34, prev. 3.28-3.40).


• 
  Bloom Energy (BE) Q2 2025 (USD): EPS 0.10 (exp. 0.02), Revenue 401mln (exp. 379mln); affirmed FY25 revenue view of 1.65-1.85bln (exp. 1.74bln).


• 
  Avis Budget (CAR) - Downgraded to 'Sell' from 'Neutral' at Goldman Sachs. The firm cites valuation as being "stretched". Goldman sees a lack of catalysts for the company's EBITDA inflecting higher and downside risk to consensus estimates.


• 
  Daimler Truck (DTRUY) - Cut FY guidance after Q2 net profit fell 61% due to restructuring and EV impairment; group revenue dropped 5%, unit sales fell 5%.


• 
  IAG (ICAGY) - Reported Q2 operating profit of EUR 1.68bln (exp. 1.4bln), driven by strong transatlantic and Latin American demand. The CEO highlighted resilient premium travel, offsetting the US economy's cabin weakness. FY guidance was maintained despite macro volatility.

ENERGY

• 
  Chevron Corp (CVX) Q2 2025 (USD): EPS 1.77 (exp. 1.74), Revenue 44.8bln (exp. 43.63bln); record production 1mln BOE/day in the Permian Basin. Upstream: US upstream earnings were lower than the year-ago period primarily due to lower liquids realizations, higher depreciation, depletion and amortization and higher operating expenses; US net oil-equivalent production was up 123,000 barrels per day from a year earlier primarily due to higher production in the Permian Basin and Gulf of America, partly offset by lower production in the Rockies.Downsteam: Earnings were higher than the year-ago period primarily due to higher margins on refined product sales and lower operating expenses, partly offset by lower earnings from the 50 per cent-owned Chevron Phillips Chemical Company. Guidance: Hess production for H2 2025 is seen between 450-500k BOE/day. Q3: Turnaround/downtime upstream seen down 60k BOE/day; impact of this seen at 200-250mln; Affiliate dividends seen ~0.7-0.8bln. H2: 2025 capex seen between USD 2-2.5bln. FY: Sees production growth closer to the top-end of the 6-8% guide, ex-Hess. Permian Basin: Sees costs declining further. Meanwhile, Chevron will deliver a share of its Venezuelan oil production to the local government under new terms agreed after receiving a US licence to restart operations. The deal with Petroleos de Venezuela mirrors agreements by other foreign energy firms operating there, which pay the government a portion of production.


• 
  Exxon Mobil Corp (XOM) Q2 2025 (USD): EPS 1.64 (exp. 1.56), Revenue 81.5bln (exp. 75.72bln). On track to purchase 20bln in shares in 2025. Q2 distributions total 9.3bln; 4.3bln of dividends and 5bln in buyback. CEO: "We achieved our highest second-quarter Upstream production since the merger of Exxon and Mobil more than 25 years ago. It was also our best quarter yet for high-value product sales volumes in Product Solutions". By 2030, expect volumes from high-value products to almost double to about 25mln tons/annum.


• 
  Northern Oil and Gas (NOG) Q2 2025 (USD): Adj. EPS 1.37 (exp. 0.95), Revenue 706.8mln (exp. 529.7mln). Production rose +9% to 134,094 Boe/day. The CEO highlighted strong free cash flow, growth in Appalachian and Uinta Basin assets, and accretive development opportunities, with a focus on long-term shareholder value and inorganic growth backlog.


• 
  Phillips 66 (PSX) - Phillips 66 was ordered to pay biofuel maker Propel Fuels USD 800mln in damages for stealing trade secrets to build up its renewable-fuel capabilities, according to Reuters, citing a California state court document.

HEALTHCARE

• 
  Regeneron Pharmaceuticals Inc (REGN) Q2 2025 (USD): Adj. EPS 12.89 (exp. 8.52), Revenue 3.68bln (exp. 3.30bln).


• 
  Moderna (MRNA) Q2 2025 (USD): EPS -2.13 (exp. -2.97), Revenue 142mln (exp. 113mln). FY guidance: Revenue 1.5-2.2bln (exp. 2.08bln).


• 
  Drug Prices - President Trump has intensified pressure on pharmaceutical companies, sending letters to 17 major drugmakers including: Eli Lilly (LLY), GSK (GSK), Sanofi (SNY), Merck (MRK), Regeneron (REGN), Genentech (RHHBY), Johnson & Johnson (JNJ), AstraZeneca (AZN), Pfizer (PFE), Bristol Myers (BMY), Boehringer Ingelheim, Novartis (NVS), Gilead (GILD), EMD Serono (MKKGY), AbbVie (ABBV), Amgen (AMGN), and Novo Nordisk (NVO). Trump demands that they charge US prices matching those overseas for new medicines and immediately lower Medicaid prices for existing drugs.


• 
  Medicare/Medicaid - Medicaid programs and Medicare Part D insurance plans reportedly will be able to voluntarily select Ozempic, Wegovy, Mounjaro and Zepbound for patients for "weight management" purposes, via the Washington Post citing documents.


• 
  UnitedHealth (UNH) - Approved Wayne S. DeVeydt as CFO effective September 2nd. John F. Rex, CFO since 2016, will become a strategic advisor to the CEO. DeVeydt joins from Bain Capital.


• 
  Novo Nordisk (NVO) - FDA approved Alhemo as a once-daily prophylactic treatment to prevent or reduce bleeding episodes in adults and children aged 12 and older with haemophilia A or B without inhibitors.


• 
  Novartis (NVS) - Announced FDA approval of a label update for Leqvio, allowing its use as monotherapy with diet and exercise to reduce LDL cholesterol in adults with hypercholesterolemia.


• 
  Stryker (SYK) Q2 2025 (USD): Adj. EPS 3.13 (exp. 3.07), Revenue 6.0bln (exp. 5.93bln). The CEO highlighted double-digit sales and EPS growth driven by strong demand and innovation. Raised FY25 adj. EPS view to 13.40-13.60 (exp. 13.36) with organic net sales growth of +9.5-10.0%.


• 
  Illumina (ILMN) Q2 2025 (USD): Adj. EPS 1.19 (exp. 1.01), Revenue 1.06bln (exp. 1.05bln). The CEO highlighted strong growth in consumables and clinical segments despite funding challenges. Raised FY25 adj. EPS guidance to 4.45-4.55 (exp. 4.24, prev. 4.20-4.30), with revenue decline view narrowed to -2.5% to -0.5%.


• 
  ResMed (RMD) Q4 2025 (USD): EPS 2.55 (exp. 2.48), Revenue 1.3bln (exp. 1.33bln).


• 
  Mettler-Toledo (MTD) Q2 2025 (USD): Adj. EPS 10.09 (exp. 9.60), Revenue 983mln (exp. 958mln); sees Q3 adj. EPS at 10.55-10.75 (exp. 10.50) and raised FY25 EPS view to 42.10-42.60 (exp. 41.60, prev. 41.25-42.00).


• 
  Pfizer (PFE), BioNTech (BNTX) - Pfizer and BioNTech lost a UK court appeal to invalidate BioNTech's patent related to MRNA technology used in COVID vaccines.

COMMUNICATIONS

• 
  Alphabet (GOOG) - Google lost its appeal against a judge’s order requiring changes to its app store policies in an antitrust case by Epic Games. The 9th US Circuit Court of Appeals ruled Google Play must lift restrictions blocking developers from using rival marketplaces and billing systems.


• 
  Nintendo (NTDOY) Q1 2026 (JPY): Operating profit 56.9bln (exp. 54.77bln), net profit +19% Y/Y, 96bln. Confirmed guidance; sees 2025/26 net profit of 300bln (exp. 354bln), operating profit of 320bln (exp. 399bln), and recurring profit of 380bln; Switch hardware sales 5.82mln units, and software sales 8.67mln units; for the Switch 1, reported hardware sales of 0.98mln units, and software sales of 24.4mln units. On the Switch 2 console, said the system has gotten off to a good start; it is strengthening production to increase supply given strong demand.


• 
  Paramount Global (PARA) Q2 2025 (USD): Adj. EPS 0.46 (exp. 0.37), Revenue 6.85bln (exp. 6.9bln). The company cited lower costs and streaming profit growth ahead of a new ownership team taking control.


• 
  Roku (ROKU) Q2 2025 (USD): EPS 0.07 (exp. -0.16), Revenue 1.11bln (exp. 1.07bln). Platform revenue grew 18% Y/Y to 975mln, gross profit +17% to 498mln. Announced a 400mln share buyback. Outlook: Q3 revenue 1.2bln (exp. 1.17bln), raised FY25 adj. EBITDA to 375mln (prev. 350mln), with platform revenue now expected at 4.075bln.


• 
  Reddit (RDDT) Q2 2025 (USD): EPS 0.45 (exp. -0.06), Revenue 500mln (exp. 426mln). Daily active uniques +21% Y/Y to 110.4mln. The CEO highlighted a focus on global growth and sustainability. Q3 revenue seen at 535-545mln (exp. 473mln) and Q3 adj. EBITDA at 185-195mln.

CONSUMER STAPLES

• 
  Colgate-Palmolive Co (CL) Q2 2025 (USD): EPS 0.92 (exp. 0.9), Revenue 5.11bln (exp. 5.03bln). New three-year productivity program to drive future growth; projected to result in cumulative pre-tax charges, once all initiatives are approved and implemented, totalling 200-300mln throughout the three-year program. FY guidance: Organic Growth at the low end of a 2-4% range (exp. 1.1%); Maintained EPS guide, seen up low-single-digits (exp. 1.9%).


• 
  Kimberly-Clark Corp (KMB) Q2 2025 (USD): EPS 1.92 (exp. 1.67), Revenue 4.16bln (exp. 4.86bln), Gross Margin 35%, adj. 36.9% (prev. 38.7%). Sees FY25 adj. EPS up at low-to-mid single digit rate.


• 
  McDonald's (MCD) - Planning to "double down" on its AI investments by 2027 and believes India is a key hub for data governance, engineering and platform architecture, according to Reuters, citing senior executive comments.


• 
  Church & Dwight (CHD) Q2 2025 (USD): EPS 0.84 (exp. 0.86), Revenue 1.506bln (exp. 1.49bln); sees FY25 adj. EPS growth of 0-2%, and sees Q3 EPS at 0.72 (exp. 0.86).


• 
  Clorox (CLX) Q4 2025 (USD): Adj. EPS 2.87 (exp. 2.21), Revenue 2.0bln (exp. 1.93bln); sees FY25 adj. EPS at 5.95-6.30 (exp. 6.45) and sees FY26 gross margin down 0.5-1.0%.


• 
  Target (TGT) - Target’s Chief Operating Officer Fiddelke said on-shelf availability for thousands of best-selling items recently reached its highest level ever, indicating progress in addressing the company’s out-of-stock issues. He did not specify how in-stock levels are measured, Bloomberg notes.

FINANCIALS

• 
  Fannie, Freddie - President Trump is meeting with bank CEOs individually at the White House to discuss economic matters and seek proposals for monetising mortgage giants Fannie Mae and Freddie Mac, including a potential major public stock offering, according to Bloomberg.


• 
  Goldman Sachs (GS) - Poised to invest in ice cream maker Froneri at a EUR 15bln valuation including debt, according to the FT. The deal, possibly closing by September, would see Goldman’s asset management lead a continuation vehicle alongside French private equity firm PAI Partners.


• 
  Wells Fargo (WFC) - Wells Fargo’s board intends to appoint CEO Charlie Scharf as Chairman, with plans to name a lead independent director to maintain board independence.


• 
  AXA (AXAHY) - H1 adj. net income EUR 4.47bln (vs 4.45bln Y/Y), Revenue EUR 64.5bln (vs 59.9bln Y/Y). Confirmed acquisition of Prima; will acquire 51% stake for EUR 0.5bln, and expects it to be completed end-2025. Seen having a 6bps impact on its Solvency II Ratio.


• 
  Cboe Global Markets Inc (CBOE) Q2 2025 (USD): Adj. EPS 2.46 (exp. 2.43), Revenue 587.3mln (exp. 574.00mln); FY revenue growth view raised to high-single digits from mid-to-high single digits (exp. 8.9%).


• 
  Arthur J. Gallagher (AJG) Q2 2025 (USD): Adj. EPS 2.33 (exp. 2.37), Revenue 3.22bln (exp. 3.20bln). Property premiums declined 7%, casualty rose 8%, with stable customer activity. The AssuredPartners acquisition is expected to close in Q3 2025.


• 
  Coinbase (COIN) Q2 2025 (USD): Adj. EPS 0.12 (vs 1.10 last year), Revenue 1.50bln (exp. 1.59bln), adj. EBITDA 512mln. Transaction revenue 764mln, down 39% Q/Q; subscription and services revenue 656mln, down 6% Q/Q. Ended Q2 with 9.3bln in dollar resources and 1.8bln in crypto portfolio. Q3 subscription and services revenue expected at 665-745mln.


• 
  T.Rowe Price (TROW) Q2 2025 (USD): EPS 2.24 (exp. 2.13), Revenue 1.72bln (exp. 1.75bln).

MATERIALS

• 
  Linde PLC (LIN) Q2 2025 (USD): Adj. EPS 4.09 (exp. 4.03), Revenue 8.5bln (exp. 8.37bln). Guidance: Q3 EPS 4.10-4.20 (exp. 4.21), narrowed FY adj. EPS view to 16.30-16.50 (exp. 16.4, prev. 16.20-16.50).


• 
  Eastman Chemical (EMN) Q2 2025 (USD): Adj. EPS 1.60 (exp. 1.75), Revenue 2.287bln (exp. 2.3bln); sees Q3 adj. EPS ~1.25 (exp. 1.91).


• 
  LyondellBassell (LYB) Q2 2025 (USD): Adj. EPS 0.62 (exp. 0.80), Revenue 7.66bln (exp. 7.51bln).


• 
  MP Materials (MP) - Upgraded to 'Buy' from 'Hold' at Jefferies with a USD 80 (prev. 33). The firm believes additional agreements are likely in the back half of 2025 and 2026. It also expects the company's "strategic option value to step higher" if investors focus on its Saudi joint venture or a potential European Union project to cement its leadership outside China.


• 
  Copper - Bloomberg reports that copper traders are urgently booking storage on the LME after President Trump decided not to impose tariffs on the main traded form of copper. This move ends a highly profitable arbitrage trade and disrupts the USD 250bln copper market. Copper edged higher on the London Metal Exchange on Friday, but is set for a 1.4% weekly decline after Trump exempted refined copper from US import tariffs; US copper prices have plunged more than 20% this week amid earlier tariff-related trading activity.


• 
  Vale (VALE) Q2 2025 (USD): Net 2.12bln (exp. 1.44bln), Revenue 8.8bln (exp. 8.8bln). Q2 pro forma EBITDA 3.42bln (vs 3.99bln Y/Y). The CEO highlighted strong operational focus, cost reductions, safety progress, and a key copper mine license milestone under the New Carajas programme.


• 
  Nippon Steel (NPSCY) - Executive said tariffs now expected to impact JPY 50bln on profits in FY25/26 (prev. exp. JPY 100bln); tariff impact on US Steel (X) deal expected to be positive.

UTILITIES

• 
  Dominion Energy Inc (D) Q2 2025 (USD): Adj. EPS 0.75 (exp. 0.68), Revenue 3.81bln (exp. 3.79bln)


• 
  AES Corp (AES) Q2 2025 (USD): Adj. EPS 0.51 (exp. 0.49), Revenue 2.86bln (exp. 3.01bln); backed FY25 adj. EPS view of 2.10-2.26 (exp. 2.15).


• 
  Edison International (EIX) Q2 2025 (USD): EPS 0.97 (exp. 0.88), Revenue 4.54bln (exp. 4.2bln); affirmed FY25 core EPS view of 5.94-6.34 (exp. 6.06).


• 
  Eversource Energy (ES) Q2 2025 (USD): EPS 0.96 (exp. 0.95), Revenue 2.84bln (exp. 2.93bln); backed FY25 EPS view of 4.67-4.82 (exp. 4.75).


• 
  Ameren (AEE) Q2 2025 (USD): EPS 1.01 (exp. 1.00), Revenue 2.22bln (exp. 1.78bln); backed FY25 EPS view of 4.85-5.05 (exp. 4.96).

REAL ESTATE

• 
  Camden Property (CPT) Q2 2025 (USD): Core AFFO 1.43 (exp. 1.69), Revenue 397mln (exp. 394mln); raised FY25 core FFO midpoint view to 6.81 (exp. 6.82, prev. 6.78).

01 Aug 2025 - 13:49- Research Sheet- Source: Newsquawk