Newsquawk Daily US Equity Opening News - INTU falls on outlook; NVDA earnings due after-hours

DAY AHEAD: EVENTS: US Secretary of State Rubio will meet Mexico’s Finance Minister at 09:30EDT/14:30BST. SUPPLY: US sells USD 70bln of 5-year notes and USD 28bln of 2-year FRNs. ENERGY: EIA releases weekly energy inventories; afterhours on Tuesday, the API weekly inventory report showed headline crude stocks posting a surprise build of +4.2mln bbls (prev. -0.3mln), Cushing stocks building by +1.0mln bbls (prev. -1.4mln), gasoline seeing a surprise draw of -3.2mln bbls (prev. +1.1mln), and distillates posting a smaller than expected draw of -0.5mln bbls (prev. -2.8mln). EARNINGS: Notable corporates due to publish earnings reports today include: Nvidia (NVDA), CrowdStrike (CRWD), Salesforce (CRM), Agilent Technologies (A), Veeva Systems (VEEV), Williams-Sonoma (WSM), HP Inc. (HPQ), J.M. Smucker (SJM), Urban Outfitters (URBN). TECH: Apple (AAPL) - Trump admin is reportedly considering using Apple’s request to purchase memory from blacklisted Chinese chipmaker CXMT as a diplomatic tool ahead of the planned Trump-Xi summit on 24th September, per a Weibo leaker cited by Wccftech. The reported plan would allow Apple to procure chips from both CXMT and YMTC, with purchased memory intended for products destined for the Chinese market rather than US devices. AppleInsider flagged significant scepticism, noting the story originates solely from an unverified Weibo account and has not been corroborated by any major publication. Digitimes also reported on the story. Samsung Electronics (SSNLF), SK Hynix (SKHY) - Samsung and SK Hynix plan to increase 8-stack HBM4 shipments to Nvidia (NVDA) in H2, reflecting requests tied to heat management and supply-chain stability, ZDNet Korea reports. Nvidia had primarily sourced 12-stack HBM4 for Vera Rubin accelerators. Industry sources also expect 8-stack HBM4E to become the main configuration for next year’s supply, the report said. Samsung Electronics (SSNLF) - Shifted Galaxy A18 DDI back-end processing from LB Semicon to Taiwan’s Chipbond to cut manufacturing costs, ZDNet Korea reports. SoftBank (SFTBY) - Is in talks with investment banks over a USD 10-20bln bond offering, potentially denominated in USD and EUR, to help refinance part of the USD 40bln bridge loan taken out for its OpenAI investment, Bloomberg reports. The offering could come as early as September, and would mark SoftBank’s first use of the 144A format in over a decade, enabling sales to US institutional investors. SoftBank is separately planning a record JPY 1tln retail bond sale in Japan next month, and recently secured a USD 10bln margin loan backed by its OpenAI stake. DeepSeek - Revenue is around USD 70mln YTD, about 10 times its FY2025 figure, The Information reports citing sources. API access gross margin is 82.9%. Intuit (INTU) - Shares dropped over 10% in extended trading after its outlook disappointed, overshadowing a strong quarterly earnings and revenue beat. Q4 2026 (USD): Adj. EPS 4.03 (exp. 3.58), Revenue 4.4bln (exp. 4.27bln). Global Business Solutions revenue 3.4bln, +14% Y/Y, Online Ecosystem revenue 2.6bln, +17% Y/Y, Consumer revenue 930mln, +14% Y/Y. Chairman/CEO said FY revenue surpassed USD 20bln, with Cos. Big Bets +34% Y/Y, representing 30% of FY26 revenue; remains focused on scaling its AI-driven expert platform and accelerating customer growth. Raises quarterly dividend 15% Y/Y to USD 1.38/shr. Guidance: Q1 adj. EPS 2.44-2.48 (exp. 3.99), Revenue 4.29-4.31bln (exp. 4.36bln). FY27 adj. EPS 22.88-23.12 (exp. 27.30), Revenue 23.28-23.51bln (exp. 23.72bln); said that its FY27 adj. EPS guidance includes a 5.81 impact from share-based compensation expenses. SoftwareOne (SWONF) - H1 2026 revenue +68.2% Y/Y to CHF 818.3mln (exp. 813.1mln), EBITDA +5.2% to CHF 185.4mln (exp. 190mln); it achieved CHF 100mln of run-rate cost synergies, the top of its target range, and identified a further CHF 5-10mln of synergies expected in H2 2026. Nebius (NBIS) - Approved 20% Class A issuance authority and 20% buyback authorisation, comments via AGM. COMMUNICATIONS: Meta Platforms (META) - Meta and state AGs have discussed a potential mid-trial settlement of the teen social media harm lawsuit, Bloomberg reports. Several state AGs subsequently issued advisories announcing press conferences, with Nevada’s AG signalling a “major consumer protection settlement involving a leading technology company.” The federal trial in California covers claims by 29 states that Meta violated consumer protection laws and COPPA by collecting data from underage users without parental consent. Zoom Communications (ZM) - Fell 4.5% in extended trading after its outlook missed expectations, disappointing investors hoping its expanded product suite would drive stronger growth. Q2 2026 (USD): Adj. EPS 1.55 (exp. 1.48), Revenue 1.28bln (exp. 1.27bln). Enterprise revenue +7.8% Y/Y, representing 62% of total revenue. Licensed monthly active users of AI features in Workplace +125% Y/Y, Zoom Virtual Agent customer count +256% Y/Y. Commentary: CEO said Enterprise momentum strengthened, with its fastest growth in three years, while the AI-first Customer Experience portfolio delivered high-double-digit ARR expansion. Guidance: Q3 adj. EPS 1.46-1.48 (exp. 1.50), Revenue 1.275-1.280bln (exp. 1.28bln). Raises FY27; adj. EPS 6.08-6.12 (exp. 6.05; prev. 5.96-6.00), Revenue 5.085-5.095bln (exp. 5.09bln; prev. 5.08-5.09bln). CD Projekt (OTGLY) - Announced ‘The Witcher 3: Wild Hunt - Remastered’, launching 29th September with visual and gameplay improvements. It will be a free upgrade for existing owners on GOG, Steam, Epic Games Store, PlayStation 5 and Xbox Series X/S, while base-game owners will also receive the Hearts of Stone and Blood and Wine expansions free. EchoStar (ECHO) - The US Trustee urged a court to appoint an examiner to investigate USD 1.5bln of alleged unusual transactions between EchoStar and bankrupt subsidiary Hughes Satellite Systems, Bloomberg reports. Bondholders separately allege EchoStar stripped Hughes of more than USD 1.5bln in assets through self-dealing transactions. Alphabet (GOOGL)- Waymo is planning to offer driverless ride-hailing services in Germany by the end of next year, marking its third planned international market and the first in the EU. ENERGY: Energy Inventories - Afterhours on Tuesday, the API weekly inventory report showed headline crude stocks posting a surprise build of +4.2mln bbls (prev. -0.3mln), Cushing stocks building by +1.0mln bbls (prev. -1.4mln), gasoline seeing a surprise draw of -3.2mln bbls (prev. +1.1mln), and distillates posting a smaller than expected draw of -0.5mln bbls (prev. -2.8mln). UK Energy - The UK Energy Secretary is expected to maintain the government’s existing position on whether to permit new North Sea drilling, Politico reports. Aker BP (AKRBY) Started production from the Skarv Satellites one year ahead of the original schedule; the developments contain about 120mln bbls of oil equivalent, and are expected to increase flexibility and extend the life of infrastructure around Skarv. MATERIALS: Chinese Steelmakers - Bloomberg says that Chinese steelmakers face continued margin pressure through late 2026 as high coking-coal costs combine with weak demand. A Mysteel survey showed about one-third of mills profitable in early August vs nearly two-thirds in mid-May, while inventories remain elevated and construction steel prices near decade lows. INDUSTRIALS: SpaceX (SPCX) - Plans to invest USD 100bln in a new Louisiana spaceport in Vermilion Parish, creating 3K direct jobs and more than 8K indirect jobs. Construction is expected to begin in 2027, with the first launch targeted for 2029. The site would become SpaceX’s fourth and largest launch facility, supporting expanded Starship missions. Siemens Energy (SMERY) - Plans to separate its Transformation of Industry division as a standalone entity while retaining a meaningful minority stake, Bloomberg reports. CVC, EQT, Bain, Brookfield and KKR are considering majority-stake bids on a potential transaction valued EUR 10bln+. Northrop Grumman (NOC) - Received a USD 215.93mln contract modification for Deep Space Advanced Radar Capability Site 2, covering long-lead items, antenna hardware, manufacturing and pre-construction work. RTX (RTX) - Received a USD 603mln ceiling US Air Force contract for B-52 radar production and sustainment, including installation of AN/APQ-188 radars. Boeing (BA) - Received a maximum USD 162.97mln US Air Force order for B-52 Bomb Rack Modernization System kits supporting the Radar Modernization Programme. HEICO Corporation (HEI) Q3 2026 (USD): EPS 1.57 (exp. 1.51), Revenue 1.41bln (exp. 1.35bln). Consolidated organic net sales +14% Y/Y, with record quarterly net income, operating income and net sales. Execs said growth was supported by strong organic sales and contributions from profitable FY26 and FY25 acquisitions. UTILITIES: Exelon (EXC) - COO Mike Innocenzo will leave the Co. in 2027, while CFO Jeanne Jones will become Executive Vice President of Finance and Strategy effective October 5 and report to CEO Calvin Butler. CONSUMER DISCRETIONARY: Robotaxis - London’s robotaxi rollout is running behind schedule, FT reports. Waymo (GOOG), Wayve (UBER) and Baidu (BIDU) are all unlikely to launch fully driverless commercial services this year. Hyundai Motor (HYMPY) - Plans more than 100 new and refreshed models, including 58 for the US, as it expands hybrids. Hyundai targets nearly 1.3mln additional global capacity by 2030, including 500K in North America, where hybrids are expected to comprise almost half of sales. Xpeng (XPEV) - Expects its humanoid robotics business to achieve higher margins than its EV operations, with Iron targeting hardware gross margins above 50%, WSJ reports. The robotics unit, valued above USD 6.3bln, plans mass production this year. Wingstop (WING) - Chief Brand and People Officer Donnie Upshaw will resign, effective 10th September, to pursue another opportunity. The company said his departure does not result from any disagreement. Bath & Body Works (BBWI) Q2 2026 (USD): Adj. EPS 0.62 (exp. 0.24), Revenue 1.51bln (exp. 1.5bln). Li Auto (LI) Q2 2026 (CNY): Revenue 25.7bln (exp. 26.64bln, prev. 30.25bln Y/Y), Op. Loss 2.3bln (prev. profit 827mln); expects Q3'26 vehicle deliveries 95k-100k units. Amazon (AMZN) - Reportedly pushing forward with growth plans in Canada, despite the ongoing tariff war between the US and Canada; Amazon expects package volume to growth faster in Canada, than in the US over the next few years, Business Insider reports. Tesla (TSLA) - China said it has filed a police report after online rumours its Shanghai data centre was deserted. Data centre is operating normally, recruitment for driver-assistance roles is accelerating; related work is progressing steadily. Kohl's (KSS) Q2 2026 (USD): EPS 1.28 (exp. 0.58), Revenue 3.30bln (exp. 3.32bln). Raises FY26 financial outlook, restarting share repurchase programme. Tariff refunds of c. USD 150mln were received in the quarter of which c. USD 100mln flowed through gross margin. Abercrombie & Fitch (ANF) Q2 2026 (USD): Adj. EPS 4.17, Revenue 1.3bln (exp. 1.24bln). Commentary: Estimates Q3 and FY26 tariff refunds impact on EPS to be USD 0.5 and USD 2.10, respectively. Saw USD 1.75 benefit from IEEPA tariff refunds on EPS of 4.17. In Q2 saw improving trends in EMEA. Guidance: Raises FY27; EPS 13.10-13.60 (exp. 10.65, prev. 10.20-11), Op. margin 14.5-15% (prev. 12-12.5%), Revenue to +5% Y/Y (prev. 3-5% Y/Y). Q3 EPS 2.90-3.20 (exp. 2.85). Williams-Sonoma (WSM) Q2 2026 (USD): EPS 2.10 (exp. 2.08), Revenue 1.959bln (exp. 1.93bln). CONSUMER STAPLES: China Ags - China’s Ministry of Agriculture issued its 15th Five-Year Plan for the national farm product origin market system, targeting better supply-demand matching and a modern circulation network. China aims to largely complete a modern farm produce origin market system by 2030. PepsiCo (PEP) - Will stop covering prescription weight-loss drugs for some employees from October because of rising costs, Bloomberg reports. Employees may continue treatments outside company plans. Novo Nordisk’s (NVO) Wegovy and Eli Lilly’s (LLY) Zepbound are among affected drugs. PepsiCo is also adapting products as GLP-1 use reduces grocery spending and shifts consumer preferences, the report notes. J.M. Smucker (SJM) Q1 2027 (USD): Adj. EPS 3.24 (exp. 2.22), Revenue 2.22bln (exp. 2.13bln). Guidance: Raises FY27; adj. EPS 10.50-11.00 (prev. 9.75-10.25, exp. 10.05), Revenue growth -2% to -1% (prev. -4% to -3%). FINANCIALS: Banco BPM (BNNCY), BMPS (BMPSY) - Banco BPM said its board acknowledged receipt of an unsolicited offer from BMPS, and will evaluate it; Banco BPM added that the proposal constitutes an acquisition, rather than a merger. BNP Paribas (BNPQY) - BNP Paribas and KB Financial’s KB Kookmin are reportedly in talks over a USD 2bln stake in Vietnam’s Techcombank. Victory Capital (VCTR) - To acquire First Eagle Investments for USD 7bln. HEALTHCARE: Boston Scientific (BSX) - Identified a cybersecurity incident affecting certain of its information technology systems that has resulted in a global disruption to the company's operations. GEOPOLITICS: US-Iran - Secretary of State Rubio told allied counterparts the US is not expected to initiate new strikes on Iran for now, instead prioritising sanctions, a naval blockade and oil flows through the Strait of Hormuz. Officials said strikes remain possible if Iran attacks first, adding that current policy is expected to continue until after the midterm elections. Saudi Nuclear - President Trump submitted a 30yr civilian nuclear agreement with Saudi Arabia to Congress while maintaining that it will proceed only if Riyadh normalises relations with Israel. The deal would give US companies a central role and includes a 2yr study on possible US-built uranium enrichment in Saudi Arabia. US-South Korea/Japan - The US is preparing the 2026 Freedom Edge trilateral military exercise with South Korea and Japan, US Pacific Command told Yonhap. Details on scope and scale were not provided. The drills are proceeding despite Seoul and Washington halving the Ulchi Freedom Shield exercise after President Trump ordered reductions and renewed efforts for dialogue with North Korea. UK-Israel - UK PM Burnham is poised to approve sanctions and a trade ban targeting Israeli West Bank settlements, The Times reports. Officials warned implementation could inadvertently affect legitimate Israeli and Palestinian businesses and broader UK-Israel trade. MACRO: Fedspeak - Fed’s Barkin (2027 voter) warned there will eventually be a “reckoning” as US public debt surpasses USD 40tln, though the timing is uncertain. Barkin described the July rate decision as a “close call,” and said officials will receive two more months of economic data before the September meeting. He added that tariff uncertainty from the US-Canada dispute remains a broader concern for the inflation and economic outlook. ECB-speak - ECB’s Schnabel said rates must rise further to address inflation risks and prevent second-round effects, adding that any tightening will depend on incoming data. She said markets understand the ECB’s reaction function. She sees economic momentum strengthening in Europe, though thinks inflation is likely to remain above 2% for an extended period, noting that the natgas situation was particularly concerning. Aussie CPI - Australian CPI rose 1.0% M/M in July (exp. 0.8%; prev. -0.1%) and eased to 3.5% Y/Y on an annual basis (exp. 3.3%; prev. 3.8%), driven by a 7.5% jump in fuel prices. Trimmed mean CPI rose 0.5% M/M (exp. 0.3%; prev. 0.3%) and held at 3.6% Y/Y (exp. 3.5%; prev. 3.6%), its largest monthly increase in a year. Markets repriced the probability of a September RBA rate hike to 36% from 17% in wake of the release. Japan Business Service Prices - Japan’s business service prices rose 3.6% Y/Y in July, with ocean freight surging 67.4%. Previous months were revised higher. OIS imply about an 80% probability the BoJ raises its benchmark rate on 18th September, as inflation pressures from the Middle East conflict persist. China Overnight Repo - China Merchants Bank is selling a 3yr floater benchmarked against the overnight repo rate, the first such issuance by a domestic commercial lender, Bloomberg reports. The move follows a similar deal by the Export-Import Bank of China earlier this month, and reflects the PBoC’s broader push to shift its operational target from the 7-day to overnight repo rate, aligning China’s monpol framework more closely with global peers. Analysts say the transition could give the PBoC greater flexibility to ease policy if it helps preserve bank interest margins. INDICES: FTSE 100 - Indicative FTSE 100 quarterly review changes show easyJet (EZJ LN) and Ithaca Energy (ITH LN) are set to join, with Entain (ENT LN) and Persimmon (PSN LN) to be removed; in the FTSE 250, Entain (ENT LN), Persimmon (PSN LN), Pinewood Technologies (PINE LN), Seraphim Space Investment (SSIT LN) and Volex (VLX LN) are set to join, while Aston Martin (AML LN), easyJet (EZJ LN), GB Group (GBG LN) and Ithaca Energy (ITH LN) are to be removed. Confirmed changes will be announced after market close on 2nd September 2026.