Daily US Equity Opening News - UPS & KO report earning beats; GLW top line and outlook disappoint

DAY AHEAD US INDEX FUTURES: ES +0.2%, NQ -0.7%, YM +1.0%, RUT +0.2% BROKER MOVES: IP upgraded at JPM; XOM downgraded at BofA. For the full list, click here. MAJOR MORNING MOVES RECAP: CDNS, WELL, JNJ, UHS, UPS, CNC, RCL, PNR, KO, SHW, GLW, CORZ, HON. For the full list, click here. US DAILY CONFERENCE CALENDAR: MRK, SPGI. For the full list, click here. EVENTS: US President Trump will meet Ukraine President Zelensky, and Israel’s PM Netanyahu. DATA: US consumer confidence is seen at 92.2 (prev. 91.2); Richmond Fed manufacturing index is seen picking up to 10 (prev. 4). After today’s economic releases, the Atlanta Fed will update its GDPNow tracking data for Q2, ahead of this week’s GDP report (yesterday it was revised down to 1.6%). SUPPLY: US auctions USD 44bln of 7-year notes. ENERGY: After the close, the API will report weekly energy inventories. EARNINGS: Notable US corporates reporting today include: CenterPoint Energy (CNP), Expand Energy (EXE), Arch Capital Group (ACGL), Skyworks Solutions (SWKS), Omnicom Group (OMC), BXP (BXP), PPG Industries (PPG), CoStar Group (CSGP), KLA (KLAC), Visa (V), Ford Motor (F), Mondelez International (MDLZ), Seagate Technology Holdings (STX), Bloom Energy (BE), Enphase Energy (ENPH), Extra Space Storage (EXR), NXP Semiconductors (NXPI), FirstEnergy (FE), Teradyne (TER), Waste Management (WM), Veralto (VLTO). NEWS:GEOPOLITICS: US-Iran - President Trump said that the US paused strikes to allow negotiations, talks with Iran are under way, and there is a good chance of a deal, though he warned strikes would resume if negotiations fail. Iran, Oman - Iran and Oman continued talks on restarting Strait of Hormuz; Oman presented a proposal for a joint regional mechanism to manage the Straits involving voluntary fees, and the proposal suggests that Iran would not exercise sole control of the waterway. Later reports suggested that Iran was showing flexibility over Hormuz operations. TRADE US-Vietnam - US customs officials inspected China-linked factories in Vietnam for transshipment, value-added and intellectual property concerns, Bloomberg reports. No significant evidence of illicit Chinese goods was found, but inspections raised fears of further tariffs, the report notes.MACRO RBA - RBA Governor Bullock said the economy is cooling broadly as expected, but it remains unclear whether this year’s rate rises are sufficient to return inflation to target.TECH Data Centres - PJM Interconnection warned that data centres failing to secure sufficient power generation may face involuntary outages during high-demand periods from mid-2027, Bloomberg reports. The grid operator announced an emergency auction for September to address a projected shortfall of nearly 7 gigawatts for the year beginning June 2028, with costs allocated to data centres. PJM forecasts data centre demand will increase by around 70 gigawatts by 2038. AI Companies - The Trump administration is close to finalising a voluntary framework for AI companies to submit their most advanced models to the US government before public release, The Information reports. Elsewhere, Anthropic CEO does not support banning open-weight AI models, but called for mandatory safety testing of both open and closed models and policies to slow China’s AI development. Nvidia, Microsoft and others have recently urged the US not to restrict open-weight models amid debate following Moonshot’s Kimi K3 breakthrough. Nvidia (NVDA), OpenAI - OpenAI CEO Altman and Nvidia CEO Huang will meet US Democrat Senator Warner this week after OpenAI disclosed that an autonomous AI agent breached Hugging Face during testing. Lawmakers have proposed an AI Kill Switch Act and independent security audits for advanced models. Altman is also expected to meet Treasury Secretary Bessent and Commerce Secretary Lutnick. Nvidia (NVDA) - Nvidia signed leases worth up to USD 50bln for Hut 8’s 1-gigawatt Beacon Point data centre in Texas, FT reports. The 15-year base contract is valued at USD 19.6bln, rising to USD 50.2bln with renewals. Nvidia could sublease the site to neocloud partners using its GPUs for AI computing. Nvidia (NVDA) - Taiwanese prosecutors detained an Nvidia employee, and searched the company’s Taipei office as part of an investigation into alleged AI-chip smuggling to China, Bloomberg reports. SK Hynix (SKHY) - SK Hynix plans to begin mass production and shipments of LPDDR6 in H2 2026, with Xiaomi (XIACY) expected to become its first mobile-device customer, according to industry sources cited by Digitimes. An early launch would strengthen SK Hynix’s position in the next-generation mobile memory market, the report adds. Apple (AAPL) - Apple launched Apple Upgrade, a new device leasing program provided by Klarna (KLAR) that offers monthly payment options for iPhone, Apple Watch, Mac, and iPad in the US. The programme offers leasing terms ranging from 12 to 36 months, with prices starting at USD 17.99/month for iPhone, USD 11.99 for Apple Watch, USD 24.99 for Mac, and USD 11.99 for iPad. Customers can reduce payments through Apple Trade In and receive 3% Daily Cash when using Apple Card for lease payments. Cadence Design (CDNS) - Shares rose in extended trading on a beat-and-raise. Q2 2026 (USD): Adj. EPS 2.11 (exp. 2.05), Revenue 1.58bln (exp. 1.58bln). Management said results were driven by broad-based strength and accelerating demand for AI-led solutions across both Design for AI and AI for Design. CEO said it is well positioned to benefit from the expansion of agentic AI in semiconductor design. Raised FY26 adj. EPS view to 8.05-8.15 (exp. 7.94; prev. saw 7.85-7.95) and raised FY26 revenue view to 6.26-6.34bln (exp. 6.21bln; prev. saw 6.125-6.225bln). Amkor Technology (AMKR) Q2 2026 (USD): EPS 0.70 (exp. 0.48), Revenue 1.90bln (exp. 1.82bln). Sees Q3 EPS between 0.72-0.82 (exp. 0.65), Q3 revenue of 1.95-2.05bln (exp. 2.12bln); FY26 capex seen between 2.5-3.0bln. Panasonic (PCRHY) - Panasonic will close its Malaysian AVC factory by the end of March 2027, ending local TV manufacturing, impacting around 400 employees. Production of Panasonic Blu-ray players and Technics-branded Hi-Fi components will be relocated. Corning (GLW) Q2 2026 (USD): Adj. EPS 0.78 (exp. 0.76), Revenue 4.41bln (exp. 4.63bln). Sees Q3 adj. EPS of 0.85-0.89 (exp. 0.85) and Q3 core sales at 4.9-5.0bln (exp. 5.0bln). Raised its long-term Springboard Plan, targeting an annualised revenue run rate of 20bln by end-2026, 30bln by end-2028, and 40bln by end-2030. The company expects to deliver a 19% sales CAGR from Q4 2026 to Q4 2030, with earnings growing faster than sales alongside higher ROIC and free cash flow. F5 (FFIV) Q3 2026 (USD): EPS 4.73 (exp. 4.00), Revenue 865mln (exp. 833.6mln). Product revenue +19% Y/Y drove total revenue growth of 11%, marking the eighth consecutive quarter of double-digit product growth. Sees Q4 EPS between 4.14-4.26 (exp. 4.14), sees Q4 revenue of 870-890mln (exp. 858.9mln). Raised FY26 EPS view to between 17.21-17.33 (exp. 16.49; prev. saw 16.25-16.55), and raised FY26 revenue growth view to between 9-10% (prev. saw 7-8%). Sanmina (SANM) Q3 2026 (USD): Adj. EPS 3.31 (exp. 2.79), Revenue 3.46bln (exp. 3.40bln). CEO said momentum is building across the business, with strong demand expected in FY27, and growth ramping through FY28. Sees Q4 adj. EPS between 3.05-3.35 (exp. 2.90), Q4 revenue between 3.3-3.6bln (exp. 3.52bln), Q4 adj. operating margin between 7.5-8.0%. Raised FY26 adj. EPS view to between 11.90-12.20 (exp. 11.20; prev. saw 10.75-11.35), raised its FY26 revenue outlook to 14.0-14.3bln (exp. 14.13bln; prev. saw 13.7-14.3bln), and raised its FY26 adj. operating margin outlook to between 6.85-7.25% (prev. saw 6.3-6.6%). Core Scientific (CORZ) Q2 2026 (USD): Adj. EBITDA 41.1mln (exp. 52.7mln), Revenue 164.2mln (exp. 144.8mln). Announced a partnership with AMD, under which AMD will secure more than 500 MW of US AI-ready data centre capacity beginning in 2027, with the ability to expand to up to 2.5 GW to support deployments of AMD AI solutions. The companies will collaborate on infrastructure design and deployment of AMD Instinct GPUs, EPYC CPUs, and ROCm software, expanding AMD's AI infrastructure capacity to help customers deploy AI compute at greater scale. Celestica (CLS) Q2 2026 (USD): EPS 2.54 (exp. 2.31), Revenue 4.70bln (exp. 4.39bln). Raised FY26 EPS view to 11.30 (exp. 10.30, prev. 10.15) and raised FY26 revenue view to 20.5bln (exp. 19.22bln, prev. 19.0bln). Sees Q3 EPS at 2.88-3.08 (exp. 2.69) and Q3 revenue of 5.25-5.55bln (exp. 5.01bln). Sees FY27 revenue growth up from 65% expected in FY26. Applied Digital (APLD) Q4 2026 (USD): Adj. EPS 0.04 (exp. -0.19), Revenue 258.7mln (exp. 93.32mln). To reach 1bln operating income run rate ahead of schedule. RXO (RXO) - Downgraded at TD Cowen to 'Sell' from 'Hold' with a USD 19 PT (prev. 24). The firm sees the Montgomery Supreme Court decision and recent CH Robinson (CHRW) verdict as creating a tougher liability backdrop for the large truckload brokers. RXO is among the most exposed given its long-haul mix and leverage. TD says that while the company's fundamentals "remain constructive," the stock's risk/reward has deteriorated as claims risks warrant a higher risk premium. Rambus (RMBS) Q2 2026 (USD): Adj. EPS 0.77 (exp. 0.71), Revenue 207.4mln (exp. 198.3mln). Sees Q3 adj. EPS at 0.75-0.82 (exp. 0.78) and Q3 revenue of 210-216mln (exp. 212.97mln). Navitas Semiconductor (NVTS) Q2 2026 (USD): EPS -0.04 (exp. -0.04), Revenue 10.53mln (exp. 9.97mln); sees Q3 revenue of 13.0-14.0mln (11.06mln). Commvault (CVLT) Q1 2027 (USD): Non-GAAP EPS 1.42 (exp. 1.16), Revenue 314.13mln (exp. 310.44mln). COMMUNICATIONS Meta Platforms (META) - Announced a new strategic venture with Blackrock (BLK) to develop data centre in El Paso with 1GW compute capacity. Meta to receive a one-time distribution of around USD 1bln. Blackrock to fund portion of investment with USD 12.50bln debt financing. Deal expected to close in the coming days; capacity online in 2028. Meta also will provide residual value guarantees, which have an aggregate threshold of approximately USD 13bln that decreases over time. Meta will contribute the venture land and construction-in-progress assets valued at approximately USD 2.3bln, and BlackRock will make a cash contribution of approximately USD 4.9bln. Meanwhile, Meta received a cautious mention in the WSJ, which notes that Meta faces thousands of social media addiction lawsuits from individuals, school districts and over 40 state attorneys general, with four states seeking damages of up to USD 1.4tln in a federal trial set for August; WSJ adds that the litigation coincides with Meta’s costly AI transition, with capex planned at up to USD 145bln this year. New York Times (NYT) - A US judge allowed President Trump to amend his USD 15bln defamation lawsuit against The New York Times rather than immediately rule on the newspaper’s motion to dismiss, Bloomberg reports. Trump has until 27th August to file an amended complaint, after which The New York Times will have three weeks to respond. BuzzFeed (BZFD) - Shares surged in extended trading after it approved a 35% reduction in employees and dedicated contractors, as it undertakes costs cuts to boost profitability and positive cash flow. Restructuring charges are expected between USD 6.5-8.5mln, mainly in Q3, with annualised savings seen at around USD 29-32mln beginning in Q3. EchoStar (ECHO) - EchoStar-owned Hughes Network Systems is preparing to file for Chapter 11 within days to avoid a USD 1.5bln debt maturity due on 1st August, WSJ says. Orange (ORANY) - H1 revenue EUR 20.9bln (exp. 20.7bln), adj. net income of EUR 1.35bln, with growth led by Africa and Middle East at +13.9%, Europe-core at +4.1% and France at +1.2%. FY EBITDAaL guidance was raised to above 4% (prev. above 3%), and Organic Cash Flow guidance was lifted to EUR 4.3bln (prev. EUR 4bln), driven by operating performance and MasOrange consolidation. CONSUMER DISCRETIONARY Alibaba (BABA) - Alibaba Cloud said Moonshot AI’s Kimi K3 is now available on its Qianwen AI platform. General Motors (GM) - President Trump visited General Motors’ Milford Proving Ground; the visit showcased GM vehicles, defence products and testing facilities. The White house notes that GM plans to spend over USD 16bln on US manufacturing and R&D in 2026, and contributed nearly USD 50bln to US GDP in 2025. Amazon (AMZN) - Said to be shifting its AI strategy by deprecating most of its in-house Nova flagship models, sources told Business Insider. Models include the high-end Premier and Omni models, Reel video-generation model, and Canvas image-generation model. Royal Caribbean Group (RCL) Q2 2026: Adj. EPS 4.21 (exp. 3.98), Revenue 4.83bln (exp. 4.82bln). Raised FY26 adj. EPS view to 17.73-17.87 (exp. 17.32, prev. 17.10-17.50) and lowered FY26 revenue growth view to 9% (prev. 10%). Re. Bookings: The overall demand environment remains strong, supported by consumers' continued preference for the company's differentiated experiences. Since the last earnings call, the company has experienced a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. The company remains booked at record prices, booking volumes are above last year's levels, and load factors remain robust across its vacation portfolio. The company continues to benefit from strong guest engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement. Levi Strauss (LEVI) - Downgraded at Wells Fargo to 'Equal Weight' from 'Overweight'. The firm cites valuation for the downgrade following the stock's recent rally. The company in Q2 reported no upside to margins, and its Q3 margin outlook of 11.9% came in 100 basis points below consensus. Wells sees a more balanced risk/reward at current share levels. Hilton Worldwide (HLT) Q2 2026 (USD): Adj. EPS 2.29 (exp. 2.27), Revenue 3.34bln (exp. 3.32bln); sees Q3 adj. EPS 2.28-2.34 (exp. 2.43) and 2026 adj. EPS at 8.89-9.01 (exp. 9.01). Mercedes-Benz (MBG) - Mercedes-Benz lowered FY group revenue guidance, citing weaker Chinese demand, the automaker also reduced its revenue outlook after weaker-than-expected deliveries. Q2 adj. EBIT EUR 2.3bln (exp. 1.7bln), Q2 revenue EUR 32.1bln (vs 33.2bln Y/Y). Management cited the continued challenging market environment in China, and it lowered expectations for Mercedes-Benz Cars unit sales and group revenue, which are now expected slightly below prior-year levels. Backed its FY26 Mercedes-Benz Cars adj. return on sales and FCF guidance, while lowering the expected xEV share to between 23-25%. Elsewhere, it raised its FY26 Financial Services adj. return on equity outlook to between 12-14%. Michelin (MGDDY) - H1 adj. EBIT of EUR 1.45bln (exp. 1.4bln), adj. EBITDA of EUR 2.42bln (exp. 2.31bln), and sales of EUR 12.7bln (exp. 12.9bln); FY guidance was affirmed despite the uncertain environment. FINANCIALS BlackRock (BLK), Meta Platforms (META) - BlackRock completed a USD 12.5bln bond sale tied to a Meta Platforms data centre project in Texas; the 2048 notes priced at a 287.5bps premium vs US 10yr Treasury yields, in line with initial indications, Bloomberg said. Visa (V) - To cut 7% of its workforce. CME Group (CME) - CME noted stronger-than-expected demand for its inaugural weekend of 24/7 one-ounce gold futures trading, with nearly 15,000 contracts representing around USD 60mln in notional value traded. Demand came primarily from retail investors, with roughly half of metals trading originating outside US time zones. CME said it has no current plans to extend round-the-clock trading to other precious metals or larger gold futures contracts. KKR & Co. (KKR) - KKR is exploring options for its LS Automotive India, including a potential sale at a valuation of up to USD 500mln. Other private equity firms and industry buyers have shown prelim interest. PayPal Holdings (PYPL) Q2 2026 (USD): Adj. EPS 1.38 (exp. 1.28), Revenue 8.68bln (exp. 8.48bln), Total payment volume USD 486.45bln (exp. 468.53bln). Q3 adj. EPS growth view of a low-single digit decline to USD 1.33 (prev. 1.34 last year). Sees FY adj. EPS at 5.38 (exp. 5.31) Brown & Brown (BRO) Q2 2026 (USD): Adj. EPS 1.07 (exp. 1.07), Revenue 1.70bln (exp. 1.72bln). Organic revenue -0.7% Y/Y, as 1.5% growth in the Retail segment was more than offset by a 3.5% decline in Specialty Distribution. CEO said it is entering H2 with strong momentum. S&P Global (SPGI) Q2 2026 (USD): Adj. EPS 4.83 (exp. 4.81), Revenue 4.15bln (exp. 4.12bln). Cut FY adj. EPS view to 17.50-17.75 (exp. 18.30, prev. 19.40-19.65). Agreed to acquire datacenterHawk, a provider of data centre and fibre infrastructure intelligence, and a majority stake in Pan-African ratings agency Agusto & Co. Terms for the Agusto transaction were not disclosed. Both acquisitions are expected to close in H2 2026, subject to customary regulatory approvals. S&P said the datacenterHawk acquisition is not expected to have a material financial impact, while the Agusto deal is intended to expand S&P Global Ratings' presence across Africa. Invesco (IVZ) Q2 2026 (USD): Adj. EPS 0.71 (exp. 0.66), Revenue 1.33bln (exp. 1.33bln). Happen (HAPN) Q2 2026 (USD): EPS 0.50 (exp. 0.42), Revenue 262.9mln (exp. 262.35mln). Sees Q3 EPS of 0.43-0.48 (exp. 0.44) and FY26 EPS of 1.80-1.90 (exp. 1.75). Barclays (BCS) - Q2 revenue of GBP 8.34bln (prev. 7.19bln), PBT of GBP 3.25bln (exp. 3.12bln), FICC revenue of GBP 1.47bln (exp. 1.51bln), Investment Bank Revenue of GBP 3.96bln (exp. 3.66bln); CET1 came in at 14.3% (vs guidance for 13-14%); execs said it is on track with its 2026 and 2028 targets, and announced a GBP 1bln share buyback. HSBC (HSBC) - HSBC has attracted about USD 5.5bln in non-resident Indian foreign-currency deposits by offering high leverage, Bloomberg reports. The bank extended over USD 3.5bln in loans supporting customised deposit plans through a concessional RBI window. Cincinnati Financial (CINF) Q2 2026 (USD): Non-GAAP EPS 1.43 (exp. 1.82). Principal Financial (PFG) Q2 2026 (USD): EPS 2.42 (exp. 2.33). REAL ESTATE American Tower (AMT) Q2 2026 (USD): Adj. EBITDA 1.81bln (exp. 1.79bln), Revenue 2.75bln (exp. 2.70bln). Sees FY26 AFFO of 11.00-11.17 (exp. 10.97) and FY26 revenue of 10.695-10.845bln (exp. 10.93bln). Welltower (WELL) Q2 2026 (USD): Normalised FFO 1.60 (exp. 1.55), Revenue 3.54bln (exp. 3.40bln), EPS 0.61 (exp. 0.65); total portfolio same-store net operating income +15.5% Y/Y, driven by +20.5% growth in the Seniors Housing Operating portfolio. Raised its FY26 normalised FFO outlook to between 6.36-6.44 (exp. 6.32; prev. saw 6.21-6.35); sees FY26 blended same-store net operating income growth between 13.75-16.00%, including Seniors Housing Operating growth between 18.5-21.5%, Seniors Housing Triple-net growth between 3.5-4.5%, Outpatient Medical growth between 2.0-3.0%, Long-Term/Post-Acute Care growth between 2.0-3.0%. It also sees FY26 general and administrative expenses between USD 265-270mln, stock-based compensation of approximately USD 60mln and pro rata disposition proceeds of USD 1.1bln at a blended yield of 6.8% over the next 12 months. UDR (UDR) Q2 2026 (USD): FFOA 0.64 (exp. 0.63), Revenue 425.399mln (exp. 422.68mln); raised FY26 FFOA view to 2.49-2.57 (exp. 2.53, prev. 2.47-2.57). INDUSTRIALS Boeing (BA) Q2 2026 (USD): Adj. EPS -0.76 (exp. -0.28), Revenue 24.6bln (exp. 24.26bln). Operating cash flow of USD 1.4bln and free cash flow (non-GAAP) of USD 0.631bln (exp. -0.331bln). Total company backlog grew to a record USD 715bln, including over 6,200 commercial airplanes. Q2 results include USD 280mln of losses on VC-25B programme (Air Force One). Jets: 737 production transitioning to 47 aircraft/month; 777X: First delivery still expected in 2027; 737-7/10: Certification expected in 2026, first deliveries in 2027. United Parcel Service (UPS) Q2 2026 (USD): Adj. EPS 1.76 (exp. 1.66), Revenue 22.8bln (exp. 21.86bln); Enters H2 with strong momentum. Raised FY26 adj. EPS view to 7.22 (exp. 7.13) and raised FY26 revenue view to ~91.2bln (exp. 90.38bln, prev. 89.7bln) and FY capex of USD 3bln. Carrier Global (CARR) Q2 2026 (USD): Sales 6.35bln (exp. 6.02bln), adj. operating profit 1.1bln (exp. 1.05bln), adj. EPS 0.86 (exp. 0.82); raised FY adj. EPS view to 2.90 (exp. 2.81); FY FCF outlook: USD 2bln. Textron (TXT) Q2 2026 (USD): Adj. EPS 1.62 (exp. 1.55), Revenue 3.8bln (exp. 3.81bln). Maintains 2026 adj. EPS view of 6.40-6.60 (exp. 6.51). Pentair (PNR) Q2 2026 (USD): Adj. EPS 1.14 (exp. 1.12), Revenue 933mln (exp. 956.3mln); backed FY26 adj. EPS view of 4.60-4.80 (exp. 4.68) and sees Q3 adj. EPS of 1.05-1.08 (exp. 1.16). To acquire Taco Group Holdings for USD 1.4bln. Expected to be USD 0.10-0.15 accretive to adj. EPS in FY27. Union Pacific (UNP), Norfolk Southern (NSC) - Union Pacific and Norfolk Southern expanded customer protections in their merger application; commitments include broader gateway pricing, preserving rail options for certain shippers, temporary alternative access if service declines and a new rate-relief process. They expect the merger to close in mid-2027. Xylem (XYL) Q2 2026 (USD): Adj. EPS 1.46 (exp. 1.34), Revenue 2.3bln (exp. 2.34bln); raised FY26 adj. EPS view to 5.55-5.70 (prev. 5.35-5.60). Hubbell (HUBB) Q2 2026 (USD): Adj. EPS 5.52 (exp. 5.38), Revenue 1.71bln (exp. 1.68bln). Raised FY26 adj. EPS view to 20.25-20.55 (exp. 19.97, prev. 19.30-19.85). PACCAR (PCAR) Q2 2026 (USD): EPS 1.43 (exp. 1.36), Revenue 7.55bln (exp. 7.03bln). Illinois Tool Works (ITW) Q2 2026 (USD): EPS 2.84 (exp. 2.79), Revenue 4.3bln (exp. 4.2bln); raised FY26 EPS view to 11.31-11.55 (exp. 11.31, prev. 11.10-11.50) and raised FY26 revenue view to +4-5% (prev. +2-5$). T1 Energy (TE) - Sees Q2 revenue of 245-255mln (exp. 173.68mln). Expects a net loss from continuing operations of ~USD 34-37mln in Q2. Acquired solar technology patents, intellectual property, and other assets from Evervolt Green for USD 135mln, including TOPCon solar cell and module technology that T1 had previously licensed. The acquisition eliminates future royalty payments and supports T1's strategy to build a fully integrated U.S. silicon-based solar supply chain. Safran SA (SAFRY) - Safran raised FY recurring operating profit guidance to EUR 6.4-6.5bln (prev. saw 6.1-6.2bln), and increased revenue growth and free cash flow targets. H1 adj. operating margin reached 18.4% (exp. 17.7%), while LEAP engine deliveries rose 41% to 1,030, and M88 deliveries more than tripled to 33. ENERGY Aussie Refinery - Australia will study a Perdaman Group oil refinery in Karratha, part of an AUD 15bln energy-resilience package, backed by AUD 4mln in government funding. The project would be the country’s first new refinery since 1965, and could help to improve fuel security. Noble Corporation (NE) - Shares fell over 5% in extended trading after an earnings miss and lowered FY guidance, with operational suspensions at two Brazil rigs weighing on revenue and EBITDA. Q2 2026 (USD): Adj. EPS 0.01 (exp. 0.18), Revenue 720mln (exp. 707.78mln). Results were reduced by USD 43mln due to the operational suspension of two rigs in Brazil, though management said performance elsewhere remained strong. CEO highlighted increasing market tightness for high-specification drillships, with leading-edge day rates reaching the mid-USD 400,000s per day, and said the offshore market outlook remains promising from 2027. Lowered FY26 revenue view to 2.8-2.9bln (exp. 2.97bln; prev. saw 2.8-3.0bln), lowered FY26 adj. EBITDA view to 850-925mln (prev. saw 940mln-1.02bln), reflecting weaker revenue from the Brazil rigs and re-sequenced H2 backlog for the Noble Viking and Noble Innovator/Noble Intrepid. Backed its FY26 capex outlook between USD 615-665mln. Exxon Mobil (XOM) - Downgraded at BofA to 'Neutral' from 'Buy' with a USD 158 PT (prev. 154). The downgrade came after viewing shares near USD 140 as an attractive entry point, citing limited upside from geopolitical disruptions and potential downside if a Middle East ceasefire is reached despite a higher price target from updated estimates. Eni (E), TotalEnergies (TTE) - Eni and TotalEnergies have taken the final investment decision on the Cronos deep-water offshore gas field in Cyprus, WSJ reports. First gas is expected in 2028, with production reaching a plateau of 500mln standard cubic feet per day. The field holds more than 3tln cubic feet of gas initially in place, primarily destined for Europe via liquefaction at Egypt’s Damietta LNG plant. Hess Midstream (HESM) - Hess Midstream raised its quarterly cash distribution to USD 0.7888 per Class A share for Q2 2026 (vs 0.0096 in Q1). It added that the increase aligns with its target of 5% annual distribution growth per share through 2028. Talos Energy (TALO), Repsol (REPYY) - Talos Energy will acquire a 50% working interest in Repsol-operated Block 29 offshore Mexico. Terms include a contingent USD 30mln payment at FID, up to USD 20mln toward the next exploration well and certain reimbursements. The block contains the Polok and Chinwol discoveries, with over 200mln bbls of oil equivalent recoverable resources. HEALTHCARE Johnson & Johnson (JNJ) - JNJ agreed to pay USD 5.5bln to settle nearly 80K remaining ovarian-cancer lawsuits involving its talc products, WSJ reports. The deal requires participation from 95% of claimants and could include up to USD 3bln in payments during 2027, with no further payments due before 2028. Boston Scientific (BSX) - Approved a 2026 global restructuring plan expected to be completed by the end of 2029, which includes headcount reductions. The company estimates USD 700-800mln in pre-tax restructuring charges and expects the plan to deliver ~500mln in annual pre-tax expense savings, according to an SEC filing. Universal Health Services (UHS) - Universal Health Services shares fell after the company lowered guidance. Q2 2026 (USD): EPS 5.98 (exp. 6.01), Revenue 4.63bln (exp. 4.57bln). Lowered its FY26 adj. EPS outlook to between 22.28-23.65 (exp. 23.39; prev. saw 22.64-24.52), lowered its FY26 adj. EBITDA outlook to between 2.61-2.717bln (prev. saw 2.641-2.789bln), and narrowed its FY26 revenue outlook to between 18.501-18.762bln (exp. 18.52bln; prev. saw 18.417-18.789bln). Backed its FY26 capex view between 950mln-1.1bln. Centene (CNC) Q2 2026 (USD): Adj. EPS 2.51 (exp. 1.08), Revenue 53.6bln (exp. 47.64bln). Raised FY26 adj. EPS to greater than 4.80 (exp. 3.52, prev. saw greater than 3.40) and raised FY26 revenue view to 193.5-197.5bln (exp. 190.33bln, prev. 187.5-191.5mln). Incyte (INCY) Q2 2026 (USD): EPS 3.09 (exp. 2.15), Revenue 1.67bln (exp. 1.49bln). Raised FY26 revenue view to 5.13-5.26bln (exp. 5.75bln, prev. 4.77-4.94bln). IQVIA (IQV) Q2 2026 (USD): EPS 3.15 (exp 3.03), Revenue 4.368bln (exp. 4.3bln). Sees FY26 adj. EPS of 12.80-13.00 (exp. 12.80) and FY26 revenue of 17.275-17.475bln (exp. 17.29bln). Autism/vaccines - US President Trump urged HHS Secretary Kennedy to do more with reference to autism and vaccines, WSJ reports citing sources. Lantheus (LNTH) - Curium is in advanced talks to acquire Lantheus for about USD 7bln upfront, potentially rising to USD 8bln including contingent value rights, Bloomberg reports. The proposed terms are roughly USD 102/shr plus USD 12.50 in contingent rights. No final decision has been reached, and terms could still change. Inspire Medical (INSP) - Downgraded at UBS to 'Sell' from 'Neutral' with a USD 39 PT (prev. 67). After nearly two decades as the dominant player in hypoglossal nerve stimulation, the company is now seeing a material growth slowdown. UBS says Inspire is facing intensifying competitive pressure, reimbursement challenges, and a "structural limited adoption curve" for HGNS technology. GSK (GSK) Q2 2026 (GBP): Adj. EPS 0.505 (exp. 0.468), Revenue 8.41bln (exp. 8.13bln). Intends to accelerate its R&D and late-stage pipeline portfolio. Sales Breakdown: Medicines: 3.8bln, +14%; Vaccines: 2.3bln, +8%; General Medicine: 2.3bln, -9%. FY26 guidance: Turnover: 3-5%, upper-half of the band (prev. guided 3-5%), Core Operating Profit: 7-9%, upper-half of the band (prev. guided 7-9%), Core EPS: 7-9%, lower-half of the band (prev. guided 7-9%). MATERIALS Nucor (NUE) - Nucor shares were little changed in extended trading after strong earnings, revenue and cash-flow beats were already priced in after sector strength, with guidance seen as constructive but only incremental. Q2 2026 (USD): Adj. EPS 4.84 (exp. 4.46), Revenue 10.4bln (exp. 10.15bln). Steel mill shipments reached a quarterly record, supported by investment across key US sectors and federal trade policies. CEO said it continues to expand its capabilities and strengthen its position across steel and fabricated steel products. Sees Q3 consolidated earnings above Q2 levels, with higher steel mills earnings driven by stronger realised pricing across all major product categories and stable volumes; steel products earnings are expected to increase on higher volumes and pricing, while raw materials earnings are expected to decline due to lower margins. Sherwin-Williams (SHW) Q2 2026 (USD): EPS 3.70 (exp. 3.52), Revenue 6.8bln (exp. 6.60bln). Sees Q3 revenue growth in the mid to high single digits and sees 2026 adj. EPS of 11.80-12.20 (exp. 11.76). Ecolab (ECL) Q2 2026 (USD): Adj. EPS 2.09 (exp. 2.08), Revenue 4.42bln (exp. 4.39bln). Sees Q3 adj. EPS of 2.13-2.23 (exp. 2.18) and FY adj. EPS of 8.05-8.25 (exp. 8.18). Vulcan Materials (VMC) - A NAFTA tribunal found Mexico violated the agreement in several respects regarding Vulcan Materials’ aggregates reserves and quarry shutdown. However, the monetary damages awarded were negligible. The decision will remain confidential until it becomes publicly available, the company said. Air Liquide (AIQUY) - H1 revenue EUR 13.83bln (+2.6% on a comp basis), with gas-and-services revenue of EUR 13.41bln. Operating margin rose by more than 1ppt to 20.9%, supported by nearly EUR 300mln in efficiency gains. Net profit +1.2% to EUR 1.82bln. FY guidance was affirmed. CONSUMER STAPLES Coca-Cola (KO) Q2 2026 (USD) Adj. EPS 0.97 (exp. 0.93), Revenue 13.4bln (exp. 13.17bln). Narrowed FY26 organic revenue growth view to 5% (prev. 4-5%). Expects Q3 comparable EPS growth to include 3% currency tailwind. Unilever (UL) - Reported Q2 revenue of EUR 13.1bln (exp. 12.9bln), with underlying sales growth of 5.8% (exp. 4.1%); it lifted its FY 2026 outlook, and sees FY underlying sales growth of 4-6%, with around 3% volume growth, H2 underlying sales growth of 4-5% led by pricing, and a modest improvement in underlying operating margin. UTILITIES CMS Energy (CMS) Q2 2026 (USD): Adj. EPS 0.37 (exp. 0.36), Revenue 1.83bln (exp. 1.71bln). Backed FY26 adj. EPS view of 3.83-3.90 (exp. 3.87) and sees FY27 adj. EPS of 4.08-4.17 (exp. 4.17). DTE Energy (DTE) Q2 2026 (USD): Operating EPS 1.32 (exp. 1.14)