Daily US Equity Opening News - SPCX tumbles on capex concerns; AMD outlook disappoints; AAPL-CXMT memory price talks stall; GOOG backs Anthropic data centre refinancing; PSKY rises, cost cuts lift outlook; GILD down as M&A costs drive loss

DAY AHEAD: DATA: Eurozone PPI is out today (prev. 5.9% Y/Y). In North America, US ADP employment change (exp. 70K, prev. 98K) comes ahead of Friday’s official jobs data. The ISM Services PMI is seen rising to 54.5 (prev. 54.0) with business activity seen at 56 (prev. 55.4), employment at 52 (prev. 51.2), new orders at 55.3 (prev. 55.1) and prices paid at 66.2 (prev. 67.7). CENTRAL BANKS: Fed’s Cook (voter, neutral) on the economic outlook. Fed’s Daly (2027 voter) is due to speak afterhours. ECB publishes a bulletin pre-release on uncertainty weighing on the euro area economy. Brazil’s BCB is expected to deliver a 25bps rate cut (exp. 14.00%, prev. 14.25%). CBR releases July meeting minutes. SUPPLY: US Treasury publishes its Q3 Quarterly Refunding Announcement; Treasury Secretary will hold a press conference after the announcement. Germany auctions EUR 1.5bln of 2029 Green Bobl and 2053 Green. EARNINGS: Eli Lilly (LLY), Sandisk (SNDK), Western Digital (WDC), Walt Disney (DIS), Uber (UBER), AppLovin (APP), CVS Health (CVS), McKesson (MCK), MercadoLibre (MELI), DoorDash (DASH), Phillips 66 (PSX), EOG Resources (EOG), Motorola (MSI), Allstate (ALL), Honeywell (HONA), MetLife (MET), Cencora (COR), Realty Income (O), Occidental (OXY), eBay (EBAY), Block (XYZ), Axon (AXON), Iron Mountain (IRM), Expedia (EXPE), Nutrien (NTR), Kraft Heinz Company (KHC), Global Payments (GPN), CF Industries (CF), Flutter Entertainment (FLUT), News Corp (NWSA), Albemarle (ALB), Insulet (PODD), Etsy (ETSY), Zillow Group (Z). ENERGY: EIA releases weekly energy inventories; afterhours on Tuesday, API weekly inventory data reportedly showed headline crude stocks posting a surprise build of +2.7mln bbls (exp. -2.0mln), Cushing seeing a build of +2.4mln bbls, distillates posting a larger than expected draw of -1.2mln bbls (exp. -0.1mln), and gasoline stocks seeing a surprise build of +0.2mln bbls (exp. -1.3mln). PRIMER - US QRA (13:30BST/08:30EDT): The Quarterly Refunding Announcement is expected to see Q3 net marketable borrowing at USD 739bln, and Q4 at USD 628bln. Traders will eye whether guidance retains language that coupon and FRN auction sizes will hold “for at least the next several quarters.” JPM flags a USD 3.7tln four-year funding gap, and argues the wording should be tightened, but expects the Treasury to hold fire ahead of November’s midterms to avoid unsettling long-end rates. Our primer is here. NEWS:GEOPOLITICS: US-Iran - The US is nearing a Strait of Hormuz agreement and targeting an announcement on Wednesday, Axios reports. Inbound ships would use Iranian waters and outbound vessels Omani waters, with no fees for 60 days. Naval mines would be cleared from the median lane within 30 days before Oman and Iran negotiate a permanent arrangement. Iran is considering a voluntary fund charging Gulf states and some European International Maritime Organisation members for maintaining the Strait of Hormuz, The Telegraph reports. The proposal is not finalised and draws on Strait of Malacca arrangements, where Indonesia, Malaysia and Singapore seek voluntary ship contributions. US-Iran - President Trump said the Strait of Hormuz would reopen soon, and talks with Iran were progressing well. He said negotiations lasted all day, there was ample time for an agreement, and clarity would come within 48 hours, but warned Iran would be hit hard if it withdrew again. Trump is said to be keeping the door open for talks at regional partners’ request, a White House official said, adding that Trump holds all the cards, and elsewhere denied reports that Iran could control Strait of Hormuz traffic under a potential agreement. US-Iran - The US military has reportedly used nearly 80% of interceptors for a key missile-defence system, CNN reports. President Trump said the US has more munitions than needed, and will provide additional supplies to allies as defence production expands. North Korea-Japan - North Korea threatened unspecified additional military measures over Japan’s expanding defence capabilities, citing Japan’s Tomahawk missile test and US-led exercises; it accused Tokyo of acquiring pre-emptive strike capability. US-Brazil - The US revoked Brazilian Ambassador Maria Luiza Ribeiro Viotti’s visa amid a diplomatic dispute over Brazil delaying approval of US ambassador nominee Danny Perez and denying visas to US officials, WSJ reports. Brazil condemned the move as hostile and politically motivated, while Washington said reciprocity would continue until Perez is approved. TRADE: US-China - China’s People’s Daily warned of countermeasures against widening US technology restrictions. Comes as the US FCC is considering banning Chinese-made data centre components, including optical transceivers. China exported USD 61.6mln of these products to the US in June, versus USD 260mln to Malaysia, suggesting limited broader export impact despite pressure on Chinese suppliers, Bloomberg says. US Tungsten Scrap, Recycled Batteries - The US will ban exports of tungsten scrap and recycled battery materials for one year from later in August, with some exemptions available. The measure aims to secure critical material supplies and reduce dependence on China, but analysts warned limited US processing capacity could tighten black-mass availability for Asian recyclers, Bloomberg said. MACRO: Fedspeak - Fed’s Schmid (2028 voter) said tighter monetary policy is needed to return inflation to 2%, and argued that current policy is not restrictive given strong demand and investment. He also warned against assuming supply-driven inflation is temporary, and said persistence depends on the Fed’s response. China PMI - China’s RatingDog services PMI fell to 50.4 in July (exp. 53.7, prev. 54.1), its weakest since September 2024. Business expectations dropped to their lowest since February 2020 amid softer domestic demand and cautious confidence. Japan Wages - Japan’s nominal wages rose 3.4% Y/Y in June (exp. 3.4%; prev. 3.3%); base pay increased 3.4%, while real wages gained 1.6% ex-rents, extending gains to six months. Analysts said that the data supports expectations for another BoJ rate rise, potentially as soon as September. NZ Labour Market - New Zealand’s Q2 unemployment rose to 5.6% (exp. 5.4%; prev. 5.4%), the highest since Q3 2015. Employment increased 0.5% Q/Q (exp. 0.1%), while participation reached 70.7% (exp. 70.4%; prev. 70.4%). Underutilisation climbed to 13.8%, and private-sector wage growth accelerated to 2.1% Y/Y. Analysts at Westpac noted that the details were mixed for the RBNZ, with unemployment above expectations and employment measures indicating soft Q2 activity; Westpac expects seasonal distortions to push Q2 GDP negative. RBI - The RBI held its repurchase rate at 5.25% and retained a neutral stance; it cut its FY inflation forecast to 5% (from 5.1%) and raised GDP growth view to 6.7% (from 6.6%). Governor Malhotra said broader price pressures remain limited despite higher food, fuel and imported energy costs. TECH: Advanced Micro Devices (AMD) - Shares fell about 7.4% afterhours as the outlook, despite exceeding consensus, fell short of lofty investor expectations. Q2 adj. EPS 1.66 (exp. 1.61), Q2 revenue USD 11.54bln (exp. 11.31bln). Data Centre revenue +107% Y/Y to USD 6.7bln (exp. 6.6bln), driven by strong EPYC processor and Instinct GPU demand; client and gaming revenue +6% Y/Y to USD 3.8bln. CEO said EPYC demand is accelerating, Instinct deployments are scaling and Helios is beginning to ramp, with Data Centre sales expected to accelerate in H2 FY26, and more than double in FY27, with growth potentially well above 100%, adding that it sees longer-term performance exceeding its prior targets of 35% annual revenue growth and EPS of 20.00. Sees Q3 revenue between USD 12.7-13.3bln (exp. 12.51bln), adj. gross margin of about 56%. Nvidia (NVDA), SpaceX (SPCX) - SpaceX has decided to build exclusively on Nvidia. Says it considers Nvidia’s Blackwell architecture the best AI computer and values their close cooperation and partnership. Apple (AAPL) - Apple’s efforts to secure cheaper LPDDR5X from CXMT stalled after the Chinese supplier rejected price cuts, Digital Daily reports. Strong demand from Huawei and Xiaomi (XIACY) has supported CXMT pricing, while Samsung Electronics (SSNLF) and SK Hynix (SKHY) are shifting capacity towards HBM4, LPCAMM2 and eSSD as conventional DRAM supply tightens, strengthening their pricing power. Samsung Electronics (SSNLF) - Samsung unveiled zHBM, a vertically stacked memory system offering about eight times HBM5 performance and over 10 times its density. It plans HBM4 production expansion in H2, and also introduced zNAND-O and V10 BV-NAND, targeting AI infrastructure leadership against SK Hynix (SKHY) and Micron Technology (MU), Bloomberg reports. Infineon (IFNNY) - Q3 net profit EUR 423mln (exp. 452mln), Q3 revenue EUR 4.17bln (exp. 4.13bln). Segment result was EUR 797mln (exp. 809mln), with segment result margin of 19.1% (exp. 19.6%). CEO said AI data centre power solutions remain the most important growth driver, while demand improved across all segments and automotive returned to moderate growth. AI data centre customers are negotiating or reserving multi-year capacity representing a cumulative high-single-digit billion-EUR revenue opportunity. Sees Q4 revenue around EUR 4.7bln (exp. 4.6bln), segment result margin around 23% (exp. 23.7%). Sees FY26 revenue around EUR 16.3bln; raises FY26 adj. free cash flow guidance to around EUR 1.85bln (prev. saw 1.65bln), while maintaining adj. gross margin in the low-to-mid 40% range. Anthropic, Alphabet (GOOG) - Banks led by Morgan Stanley (MS) plan to refinance USD 15bln of debt for Nexus Data Centres’ Texas campus leased to Anthropic via bond sales, FT reports. Google will backstop the project after completion, though investors face construction risks, the report says. The site will use Google TPU chips and its own natural gas power plant. OpenAI - OpenAI said external testing partners UK AISI and Irregular found models accessing the public internet during reduced-safeguard cyber evaluations. One test intentionally enabled access, while another involved a misconfigured isolated environment. OpenAI will review third-party testing controls, monitoring, escalation and isolation standards, and collaborate with industry stakeholders on safer high-risk evaluations. SoftBank (SFTBY) - SoftBank-backed OFB Tech is considering reviving an India IPO to raise up to USD 800mln, Bloomberg reports. Axis Capital, Morgan Stanley (MS), JPMorgan (JPM) and Citigroup (C) are preparing the potential listing, with a draft prospectus possible in November. Up to USD 200mln may be newly issued, with remaining shares sold by existing investors. Arista Networks (ANET) - Q2 adj. EPS 1.02 (exp. 0.89), Q2 revenue USD 3.036bln (exp. 2.83bln). Sees Q3 adj. EPS between 1.06-1.08 (exp. 0.92), Q3 revenue roughly USD 3.3bln (exp. 2.95bln), Q3 adj. operating margin between 48-49%. Raises FY26 revenue guidance to USD 12.6bln (exp. 11.62bln). Astera Labs (ALAB) - Astera Labs rose 3.7% in extended trading after earnings and revenue beat expectations, and its outlook came in well above forecasts. Q2 EPS 0.80 (exp. 0.69), Q2 revenue USD 392.4mln (exp. 360.81mln). Revenue driven by broad-based portfolio strength and record quarterly revenue for the Aries product line. CEO said momentum should accelerate as Scorpio fabric switches become the company’s largest product family in Q3, a quarter earlier than previously expected, marking Astera’s evolution into a complete AI fabric infrastructure provider. New design wins, optical interconnect expansion and custom solutions are expected to broaden the growth opportunity in FY27 and beyond. Sees Q3 EPS between 1.16-1.21 (exp. 0.81), Q3 revenue between USD 540-560mln (exp. 417.02mln). COMMUNICATIONS: Disney (DIS) - Walt Disney will sell its 50% stake in A+E Global Media to Hearst for about USD 1.2bln, WSJ reports. Hearst will gain full ownership of A&E, Lifetime, The History Channel, LMN, FYI and Vice TV. The deal is expected to close in September, subject to customary conditions. Paramount Skydance (PSKY) - Paramount shares rose 2% in afterhours trading as merger-related cost cuts drove a surprise profit surge, streaming earnings strengthened and the company raised its outlook. Q2 EPS 0.04 (exp. 0.17), Q2 revenue USD 6.91bln (exp. 6.87bln). Paramount+ subscriber growth is expected to be flat Q/Q in Q3; exec said the streaming business is accelerating but remains below scale, with continued investment planned and selective Pluto content spending in Q4. The upfront advertising season was strong, and advertising revenue is expected to return to growth in H2 FY26. Now expects more than USD 2.7bln of run-rate efficiencies by the end of FY26 (prev saw USD 2.5bln), and sees more than USD 3bln of efficiencies from the Skydance-Paramount combination. Remains highly confident that the Warner Bros. Discovery (WBD) acquisition will close. Sees Q3 revenue between USD 6.95-7.15bln (exp. 7.0bln), Q3 adj. EBITDA between USD 875-975mln. Sees FY26 revenue USD 30.0bln (exp. 29.84bln), and FY26 adj. EBITDA between USD 3.8-3.9bln. Paramount Skydance (PSKY), Warner Bros. Discovery (WBD) - Paramount’s antitrust trial over its USD 81bln Warner Bros. Discovery takeover will begin on 2nd March 2027, WSJ reports. Twelve states oppose the deal. Paramount faces quarterly ticking fees of about USD 650mln from October, and a USD 7bln breakup fee if the transaction fails. Pinterest (PINS) - Shares fell 8% in extended trading after its sales outlook matched expectations, with advertising headwinds from the timing of Prime Day, the end of World Cup spending and FX overshadowing results. Q2 adj. EPS 0.43 (exp. 0.36), Q2 revenue USD 1.18bln (exp. 1.15bln). Revenue +18% Y/Y, global MAUs +11% Y/Y to 640mln (exp. 635mln), global ARPU was 1.86, adj. EBITDA was USD 311mln (exp. 270mln). CEO said it is combining proprietary and open-weight AI models to improve efficiency, expects AI-related compute and token spending to rise but remain ROI-positive. Sees Q3 revenue between USD 1.19-1.21bln (exp. 1.20bln), adj. EBITDA between USD 335-355mln; guidance includes a modest FX headwind, a roughly 0.5ppt drag from Amazon (AMZN) Prime Day shifting into Q2, and the absence of an almost 1ppt World Cup advertising benefit. Match Group (MTCH) - Match Group fell 8% after revenue missed expectations, paying users declined and its outlook pointed to a further sales contraction, despite stronger earnings and improving Tinder engagement. Q2 EPS 0.70 (exp. 0.65), Q2 revenue USD 853mln (exp. 856.73mln). Tinder revenue -1% Y/Y to USD 457.5mln, MAUs -7% Y/Y, although management said daily-user trends and engagement improved following algorithm updates and a global rebrand. Tinder DAUs expected to return to growth shortly, while revenue growth is targeted in FY27. Hinge revenue +22% Y/Y to USD 203.5mln, global MAUs +13% Y/Y and European direct revenue +86% Y/Y, keeping it on track to reach USD 1bln of revenue in FY27. Azar was the largest revenue headwind following its temporary removal from Apple’s (AAPL) App Store and subsequent relaunch with a lower-monetising product. Match sees Q3 revenue between USD 885-895mln (exp. 891.22mln), Q3 adj. EBITDA between USD 330-335mln. Shutterstock (SSTK) - Q2 adj. EPS 0.82 (vs 1.19 Y/Y), Q2 revenue USD 221.8mln (vs 267mln Y/Y). Interim CEO and CFO Rik Powell said the company moved quickly following termination of its proposed merger to strengthen the balance sheet, reduce costs and refocus on its highest-potential areas. Has implemented more than USD 70mln of annualised run-rate operating expense reductions over the past 18 months, targets an additional USD 60mln of annualised run-rate savings by year-end, which management expects to increase flexibility in its capital allocation strategy. INDUSTRIALS: SpaceX (SPCX) - SpaceX fell 7.3% in extended trading after higher than expected capital spending on its artificial intelligence business overshadowed stronger-than-forecast earnings, while an impending share-sale eligibility window added further pressure. Q2 EPS -0.09 (exp. -0.29), Q2 revenue USD 7.8bln (exp. 6.82bln). The AI business posted an operating loss of USD 1.26bln (exp. loss 2.39bln). Reported 12.0mln Starlink subscribers, 10,200 satellites in orbit, 78 launches YTD and 1,041 tonnes of mass delivered to orbit as of 30th June. Cash, cash equivalents and marketable securities were USD 100bln, with backlog of USD 47.5bln. CFO noted accelerating growth across all business segments, operating leverage and margin expansion driven by AI compute agreements. Is on track to reach USD 100bln of ARR by the end of FY26, including Cursor, and contracted an additional USD 6.7bln of cloud services revenue in the first weeks of Q3, ramping from October over six months. Management expects Q3 and Q4 capital expenditure to remain broadly similar to Q2, while targeting a rapid increase in Starship launches and expansion into direct mobile connectivity. Expects Starlink enterprise revenue to substantially exceed consumer revenue, and sees a non-zero chance of reaching USD 1tln in revenue in 2029, with internal projections moved forward to 2030 from 2031. More than USD 100bln of stock is due to become eligible for sale later this week, creating an additional near-term overhang. Emerson (EMR) - Q3 adj. EPS 1.52 (exp. 1.68), Q3 revenue USD 4.55bln (exp. 4.8bln). Underlying orders +7% Y/Y, led by Software & Systems and broad-based growth across North America and Asia. CEO said healthy demand and secular investment tailwinds continue to support its growth verticals. Sees Q4 adj. EPS 1.85 (exp. 1.83). Raises FY26 adj. EPS guidance to 6.55 (exp. 6.50), and sees FY26 revenue growth of 5%. Jacobs (J) - Q3 adj. EPS 1.84 (exp. 1.83), Q3 revenue USD 4.1bln (exp. 3.55bln). Infrastructure & Advanced Facilities gross revenue +39% Y/Y and adj. net revenue +10% Y/Y organically, with broad-based growth led by data centres, semiconductors, energy and power, transportation and water. CEO highlighted accelerating private-sector and utility capital spending, record performance in Life Sciences & Advanced Manufacturing, a record backlog and a growing opportunity pipeline across Infrastructure & Advanced Facilities and PA Consulting. Narrows FY26 adj. EPS guidance to between 7.20-7.30 (exp. 7.22; prev. saw 7.10-7.35), and narrows FY26 adj. net revenue growth guidance to between +9.5-10% (prev. saw +8-10.5%). Leonardo DRS (DRS) - Leonardo DRS has signed an agreement for a 141,087 sqft facility in Connecticut, consolidating Naval Power Systems operations from three Danbury and Bethel sites. Initial occupancy is expected in early 2027, with possible limited occupancy in late 2026, subject to final design and tenant improvement construction. Deutsche Post (DHLGY) - Q2 revenue EUR 22.37bln (prev. 19.83bln Y/Y), EBIT EUR 1.86bln (prev. 1.43bln Y/Y), EPS 0.91 (prev. 0.72 Y/Y); expands its share buyback programme to up to EUR 6.5bln (prev. 500mln), extended through end-2027, and raised FY26 EBIT view to more than EUR 6.5bln (prev. saw more than 6.2bln). Siemens Energy (SMERY) - Q3 revenue of EUR 11.45bln (exp. 11.19bln), orders of EUR 17.93bln (exp. 16.72bln) and profit before special items of EUR 1.62bln (exp. 1.42bln); confirmed FY26 guidance, targeting the upper end of its 10-12% margin range, while Siemens Gamesa returned to profitability for the first time since 2022. ENERGY: US Waivers - Energy Secretary Wright said the administration is likely to extend its temporary Jones Act waiver covering oil, fuel, natural gas, coal and fertiliser shipments. The waiver relaxes requirements for domestic maritime transport using US-built, owned and flagged vessels, supporting energy flows and lower prices until disruptions from the Iran war ease. Weekly Inventories - API weekly inventory data reportedly showed headline crude stocks posting a surprise build of +2.7mln bbls (exp. -2.0mln), Cushing seeing a build of +2.4mln bbls, distillates posting a larger than expected draw of -1.2mln bbls (exp. -0.1mln), and gasoline stocks seeing a surprise build of +0.2mln bbls (exp. -1.3mln). Devon Energy (DVN) - Q2 core EPS 1.57 (exp. 1.41), Q2 revenue USD 7.42bln (vs 4.28bln Y/Y). Oil production was 503K BPD, at the top end of guidance; capex was 2% below expectations, adj. free cash flow reached USD 1.7bln. Maintains FY26 guidance, sees Q3 total production between 1.660-1.690mln BOEPD, oil production between 550-560K BPD, and capex between USD 1.4-1.5bln. MATERIALS: Codelco - Codelco suspended work on the Andes Norte expansion at its El Teniente copper mine after identifying a new seismic risk, Bloomberg reports. The precautionary halt will not affect current production. Monitoring and technical analysis will continue before construction resumes, while El Teniente output is expected to remain around 300K metric tons annually. Glencore (GLNCY) - H1 adj. EBITDA USD 10.12bln (exp. 9.81bln), H1 revenue USD 174.43bln (vs 117.40bln Y/Y), adj. EBIT increased to USD 6.65bln (from USD 1.80bln Y/Y), supported by stronger commodity prices, record copper markets and one of the trading division’s strongest periods. Announced approximately USD 1.5bln of additional shareholder returns, comprising a USD 1bln special cash distribution, and a USD 500mln share buyback. Also intends to seek a secondary listing on the Australian Securities Exchange, which it expects will strengthen its presence in one of its most important operating jurisdictions. Mosaic (MOS) - Q2 adj. EPS 0.13 (exp. 0.14), Q2 revenue USD 2.824bln (exp. 3.11bln). CEO said business conditions remained challenging, primarily due to sulphur availability and affordability pressures. Mosaic reduced phosphate production, cut costs and capex, and strengthened financial flexibility, while retaining the ability to restore full production as market conditions improve. It said it is also reallocating underperforming capital to pursue stronger shareholder returns. Celanese (CE) - Q2 adj. EPS 2.45 (exp. 2.22), Q2 revenue USD 2.752bln (exp. 2.78bln). CEO said Q3 earnings will be pressured by moderating supply-related opportunities, higher raw-material costs in Engineered Materials and inventory actions linked to nylon 6,6 and Lanaken footprint optimisation. Sees Q3 adj. EPS between 1.35-1.75 (exp. 1.77). Sees FY26 adj. EPS of approximately 6.00 (exp. 6.05). Chemours (CC) - Q2 adj. EPS 0.42 (exp. 0.42), Q2 revenue USD 1.6bln (exp. 1.66bln). Sees Q3 revenue growth between -5% and 0% Q/Q, adj. EBITDA between USD 175-205mln, free cash flow of at least USD 50mln and capex of about USD 65mln. Sees FY26 revenue growth between 1-5% Y/Y (exp. 6.05bln), adj. EBITDA between USD 775-825mln, capex between USD 250-280mln, free cash flow conversion above 25% and year-end net leverage of about 3.8x. Expects broader Titanium Technologies pricing momentum and APM operational improvements to offset weaker TSS aftermarket refrigerant demand later in H2. International Flavors & Fragrances (IFF) - Q2 adj. EPS 0.57 (exp. 1.12), Q2 revenue USD 1.954bln (exp. 2.69bln). CEO Erik Fyrwald said continuing operations delivered a strong H1 FY26, supported by volume growth, disciplined margin execution and robust free cash flow generation. Management also highlighted the strength of its commercial and innovation pipelines and ongoing actions to improve efficiency and cash flow. FINANCIALS: KKR & Co. (KKR), Integer Holdings (ITGR) - Citigroup is preparing USD 2.45bln of financing for KKR’s acquisition of Integer, Bloomberg reports. The package comprises a USD 2.1bln 7yr term loan, and a USD 350mln revolver. KKR agreed to buy Integer for about USD 5.7bln, offering shareholders USD 127/shr. Prudential (PRU) - Q2 adj. EPS 4.08 (exp. 3.52). CEO said PGIM delivered strong investment performance and advanced its platform integration, while the US businesses benefited from investments in distribution and product diversification. International earnings remained strong despite the sales suspension at Prudential of Japan, supported by resilience across the underlying businesses and continued growth in Brazil. Expects deeper integration across asset management, retirement and protection to support faster earnings and free cash flow growth. Assurant (AIZ) - Q2 adj. EPS 6.41 (exp. 5.18), Q2 revenue USD 3.45bln (exp. 3.43bln). Now sees FY26 adj. EPS growth excluding prior-year development of 10%, adj. EPS excluding reportable catastrophes and adj. EBITDA excluding reportable catastrophes are each expected to increase by a mid-single-digits. Banco Santander (SAN), Webster Financial (WBS) - Santander and Webster Financial received Fed approval for Santander’s acquisition of Webster, following prior clearance from the Office of the Comptroller of the Currency on 12th June, and authorisation from the ECB on 21st July. The transaction has now secured the required regulatory approvals and is expected to close on 20th August. Allianz SE (ALIZY) - Allianz Global Investors will buy UOB Asset Management for SGD 555mln, Bloomberg reports. The deal provides access to United Overseas Bank’s distribution network across eight Asian markets, with 500 employees transferring to AllianzGI. Completion is expected in 2027, subject to regulatory approvals. REAL ESTATE: Healthpeak Properties (DOC) - Q2 adj. FFO 0.46 (exp. 0.44), Q2 revenue USD 771.6mln (exp. 725.16mln). Raises FY26 adjusted FFO per share guidance to between 1.73-1.77 (exp. 1.75; prev. saw 1.71-1.75), and sees total same-store cash NOI growth between 0-1.5%.HEALTHCARE: Gilead (GILD) - Gilead edged lower after acquisition-related research and development costs drove a quarterly loss, overshadowing stronger revenue, product sales and improved guidance. Q2 adj. EPS -6.75 (exp. -7.25), Q2 revenue USD 7.8bln (exp. 7.4bln). Acquisitions of Arcellx, Tubulis and Ouro Medicines generated acquired in-process R&D expenses and related tax effects of 9.08/shr. Base-business revenue +10% Y/Y, driven by the HIV portfolio, Trodelvy and Livdelzi, while HIV sales +12% Y/Y and quarterly HIV prevention sales exceeded USD 1bln for the first time. Yeztugo sales were USD 232mln (exp. 219mln), with the FY26 sales target maintained at USD 1bln, while Biktarvy sales reached USD 3.8bln and Descovy sales rose 48% Y/Y. CEO highlighted rapid PrEP expansion, three FDA approvals and three positive Phase 3 updates, with two potential oncology and HIV launches expected in H2 FY26. Raises FY26 EPS guidance to between -0.65 and -0.30 (exp. -0.75; prev. saw -1.05--0.65), and narrows FY26 product sales guidance to between USD 30.1-30.4bln (prev. saw 30.0-30.4bln). Amgen (AMGN) - Q2 adj. EPS 6.29 (exp. 5.62), Q2 revenue USD 10.1bln (exp. 9.42bln). Six key growth drivers +26% Y/Y and generated nearly 70% of Q2 product sales. CEO said performance was strong across the business and highlighted expansion of existing medicines into new indications alongside advancement of the next pipeline wave through Phase 3. Raises FY26 adj. EPS view to between 22.30-23.50 (exp. 22.35; prev. saw 21.70-23.10), and raises FY26 revenue guidance to between USD 38.2-39.4bln (exp. 37.74bln; prev. saw 37.1-38.5bln). DaVita (DVA) - Q2 EPS 4.02 (exp. 3.88), Q2 revenue USD 3.554bln (exp. 3.49bln). Management remains focused on new dialysis innovations intended to improve patient care. Sees FY26 adj. EPS between 14.10-15.20 (exp. 14.88), adj. operating income between USD 2.150-2.250bln. Fresenius (FSNUY) - Raised FY adj. EPS growth guidance to 10-15% (from 5-10%); Q2 EBIT rose 10% to EUR 719mln; growth came from Helios hospitals and Kabi, whose FY margin is now expected at the upper end of a 16.5-17% range. Sandoz (SDZNY) - H1 revenue USD 5.76bln (exp. 5.76bln), adj. EBITDA USD 1.21bln (prev. 1.05bln), adj. EPS USD 1.71 (prev. 1.46); Q2 sales USD 3.01bln (exp. 2.99bln); biosimilars +20% FXN to USD 1.88bln, generics -1% to USD 3.89bln. CONSUMER CYCLICAL: Starbucks (SBUX) - South Korean police raided Starbucks Korea’s Seoul headquarters over its “Tank Day” promotion (Shinsegae Group controls Starbucks Korea via E-Mart’s 67.5% stake), which was accused of insulting victims of the 1980 Gwangju uprising. The controversy prompted boycott calls, executive apologies, the local CEO’s dismissal and nationwide staff training. Booking Holdings (BKNG) - Q2 adj. EPS 2.54 (exp. 2.43), Q2 revenue USD 7.35bln (exp. 7.11bln). Gross bookings +9% Y/Y to USD 51bln, room nights +5% Y/Y (US room nights grew by a high-single-digits). Said consumer travel demand remained resilient despite geopolitical and macroeconomic uncertainty, although long-haul international travel remained pressured. Sees Q3 revenue growth between 4-6%, adj. EBITDA growth between 4-6%, gross bookings growth between 4-6%, room nights growth between 3-5%. Still sees FY26 revenue growth in the high single digits, gross bookings growth in the high single digits, adj. EBITDA growth in the high single digits and adj. EPS growth in the low-to-mid teens. Wynn Resorts (WYNN) - Shares rose 4.7% afterhours after earnings and revenue beat expectations, supported by record Las Vegas profitability, resilient Macau demand and progress on its growth and diversification plans. Q2 adj. EPS 1.24 (exp. 0.98), Q2 revenue USD 1.86bln (exp. 1.83bln). Las Vegas delivered a monthly record for adj. property EBITDAR in May, while Macau performance remained strong, reflecting healthy demand across the portfolio. CEO said construction at Wynn Al Marjan Island is progressing rapidly as the company continues to invest in growth and diversification. Wynn Al Marjan Island is scheduled to open in September 2027. General Motors (GM) - General Motors and SAIC Motor renewed their 50-50 China JV for 20 years, Bloomberg reports. The venture plans at least 30 new energy vehicles by 2030, focusing on Buick and Cadillac in China and Chevrolet exports. Honda Motor (HMC) - Q1 net profit JPY 450.92bln (vs 196.7bln Y/Y), Q1 revenue JPY 6.06tln (vs 5.34tln Y/Y), operating profit JPY 531bln (exp. 300bln), supported by a weaker yen and strong US demand for hybrid vehicles. Honda is shifting investment away from battery-electric vehicles towards hybrids, with 15 new hybrid models planned by March 2030, primarily in North America, while its Canadian EV battery supply-chain project remains on hold. Raises FY26 operating profit view to JPY 650bln (exp. 676bln; prev. saw 500bln), and raises FY26 revenue guidance to JPY 24.15tln (prev. saw 23.2tln). Lucid Group (LCID) - Lucid fell 8% in extended trading after losses and revenue missed expectations, H2 production was forecast below consensus, and its midsize vehicle launch was delayed, outweighing cost-cutting plans and an extended liquidity runway. Q2 adj. EPS -2.78 (exp. -2.32), Q2 revenue USD 405mln (exp. 407.96mln). Vehicle production +24% Y/Y to 4,774 units, while deliveries +19% Y/Y to 3,953 units; production was intentionally reduced to lower inventory and release cash. Ended Q2 with USD 3.0bln of total liquidity, and said recent financing and operational measures provide sufficient runway well into 2027. Launched an operational reset centred on cash, customers and culture, including USD 1.4bln of cash-flow improvement opportunities comprising roughly USD 600-800mln from vehicle inventory, USD 500mln from capex and USD 200mln from operating expenses. The midsize vehicle launch is now expected in H2 FY27, while non-prototype robotaxi production is targeted for early FY27, with about 100 pre-production vehicles planned by year-end. Did not provide updated FY26 guidance, but expects H2 production below both consensus and H1 levels, with H2 deliveries above H1. Bed Bath & Beyond (BBBY) - Shares fell 8% after its quarterly loss was wider than expected, and revenue slightly missed forecasts, outweighing stronger customer engagement and planned cost reductions. Q2 EPS -0.53 (exp. -0.26), Q2 revenue USD 361mln (exp. 362.42mln). Active customers +47% Y/Y to 6.4mln, orders delivered +117% Y/Y to 2.8mln, orders per active customer +36% Y/Y to 1.79. CEO said performance was supported by improved engagement, conversion and purchase frequency. Expects to remove more than USD 50mln of annualised costs over the next 12 months via platform consolidation, infrastructure simplification and elimination of duplicative services and locations. The parent company will become Neighbourhood Intelligence and begin trading on Nasdaq under ticker NXH on 17th August. The company also plans to relocate its headquarters to Nashville, and launch the first customer-facing version of its proprietary agent, Norm, later this year. CONSUMER DEFENSIVE: Heineken (HEINY) - Q2 total organic volume +1.9% (exp. -0.3%), Q2 revenue EUR 8.13bln (exp. 8.07bln). Consolidated organic volume +0.9%, while all five global brands delivered growth. H1 net revenue EUR 14.83bln (exp. 14.81bln), H1 operating profit EUR 2.17bln (exp. 2.18bln). Regional organic growth was led by Asia Pacific at +23.7% and Africa & Middle East at +8.4%, with Europe +1.0% and the Americas -8.4%. Management said strong demand in Asia and Africa offset continued weakness in Europe and the Americas, while about 3,000 roles were removed in H1 as part of the company’s cost programme. Maintains FY26 operating profit growth view between 2-6%. Coca-Cola HBC (CCHGY) - H1 pretax profit EUR 723.3mln (exp. 712.6mln), comparable EBIT EUR 760.1mln (exp. 731.1mln), revenue EUR 6.23bln (prev. 5.62bln Y/Y); raises FY26 organic revenue growth view to the top-end of its 6-7% range, and organic EBIT growth of 8-10%.