Mid-Morning Look: April 29, 2026

Mid-Morning Look

Wednesday, April 29, 2026

On the biggest day of earnings this quarter in market cap on deck (AMZN, GOOGL, META, MSFT all report tonight) and the likely last Fed meeting and press conference for Chairman Jerome Powell at 2:00 pm today, U.S. markets are mixed early, with the S&P 500 down slightly after hitting all-time highs Monday, while the Nasdaq bounces behind strong earnings results in the semiconductor space again with NXPI and STX in HDD space buoying the group which is up 33% this month (SOX). Oil prices extend gains with the Brent contract hitting a one-month high rising 5%, on media reports the U.S. will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. Treasury yields continue climb, 10-year highest since March 30 (above 4.4%), and the dollar rises, weighing on precious metal prices yet again (gold/silver) and Bitcoin declines after failing to breach $80K last week. This is a relentless week of earnings with companies representing around 42% of the S&P 500’s market cap reporting this week. A lot of that is due to the four hyperscalers coming after the close, which represent more than 15% of the index’s value. For the Fed meeting, the FOMC is poised to hold its benchmark rate in a range of 3.5% to 3.75%. Of the 199 S&P 500 companies to have reported thus far, 80% have beaten analysts’ forecasts, while 13% have missed.

• March Housing permits reported at 1.372M unit rate (vs. consensus 1.390M) while March housing starts 1.502M unit rate (above the consensus 1.400M).

• In Trucking: LSTR reported 1Q26 EPS of $1.16, above consensus $1.13, driven by higher-than-expected revenue and operating income. Revenue and adjusted EPS increased 1.6% and 36.5% y/y, respectively, reflecting solid execution across both BCOs and employees amid a strengthening TL and flatbed spot rate. WERN posted adj Q1 EPS of $0.02, ahead of the average Street forecast of a $0.06 loss as upside came from the cost side, as revenue was just short of consensus, with One-Way restructuring initiatives helping to boost the margin. ODFL Q1 EPS $1.14 topped ests of $1.05, but down from $1.19 y/y while revs $1.33B beat ests $1.31B, but also down 2.9% y/y and said its revenue per shipment in the LTL segment, a gauge for pricing, rose 5.9% during the quarter.
• In Asset Managers: BEN was upgraded to Equal Weight at Barclays on improving fundamentals saying Q2 results were solid and represented a continuation of ongoing trends (improving flows, raised alts guidance, solid cost controls). IVZ downgraded to Hold at Argus reflects a better than 80% rise in the shares over the past year, which has narrowed the valuation Gap with peers, and the expected considerable competition from new ETF entrants for IVZ’s flagship QQQ vehicle; AB Q1 earnings slightly missed estimates.

• FICO +12%; on strong Q2 results as revs of $691.68M topped analysts’ average estimate of $629.80M and raised its FY26 revenue forecast to $2.45B from $2.35B and its adjusted net income outlook to $946M from $907M.
• GNRC +16%; shares rose after stronger Q1 results topping ests and Ebitda $193M vs. $160M and net income $06M vs. est. $75.7M, while 2026 net sales growth guidance to be in mid-to-high teens percent range as compared to prior year; sees outlook FY ADJ EBITDA margin 18.5-19.5%
• ICLR +9%; update on audit committee investigation and timing of Q4 and full year 2025 financial results; said investigation finds revenue overstated in 2023 and 2024; said revenue overstatement in each year below 2% upper limit; 2025 impact less than prior years; to restate results for 2023, 2024, and first nine months of 2025
• KALV +38%; to be acquired by Chiesi Group for $27.00 per share in cash, representing an equity consideration of approximately $1.9B as the transaction expected to close in Q3 2026.
• NXPI +24%; strong Q1 results and Q2 guidance, which exceeded expectations. Bookings improvement was broad-based and its outlook for 2026 also improved as growth products grew 18% Y/y, while core grew 10% Y/y.
• RSI +12%; shares jumped as reported Q126 revenue of $370M, up 41% Y/y and ahead of $331M consensus, while AEBITDA of $60M (+81% Y/y) exceeded $48M consensus, with margins exceeding 16% as growth was driven by strong user trends, with MAUs of 839K (+51%), including North America at 296K (+46%).
• STX +17%; HDD sector another boost behind results/guidance from STX exceeding estimates; reported good MarQ at $3.12B/$4.10 (consensus $2.95B/$3.50) and strong JunQ guide at $3.45B/$5.00 (well above consensus $3.16B/$3.96), MarQ GM increased 480bps to 47.0% and JunQ GMs it estimate >300bps higher to >50%.
• TEVA +11%; beats top-line and bottom-line estimates; reaffirms FY26 outlook and agreed to acquire Emalex, including its lead asset, ecopipam as upon closing, Teva will pay $700M, and Emalex’s shareholders will be eligible to receive up to $200M based on future milestones as well as royalties on global net sales of ecopipam.
• V +8%; shares up on earnings as posted accelerating constant currency revenue growth of 16% Y/Y and raised its annual guide, countering fears of an economic slowdown and sees FY net revs on adjusted constant Dollar basis +low-double-digits to +low-teens.

• BKNG -2%; shares slide as Q1 results and outlook were lighter than expected as the conflict in the Middle East weighed on travel demand, with Q1 room night miss and Q2 guide below estimates.
• CAR -9%; shares extended its recent plunge following a massive short squeeze for 3 weeks after posting a larger-than-anticipated loss in Q1; Q1 revenue was up 4.3% y/y to $2.53B and adj EBITDA was -$113M vs. -$93M a year ago. GAAP EPS of -$8.01 missed the consensus estimate by $0.51.
• ENPH -7%; delivered in-line Q1 revenue and strong margins in Q126, as management commentary pointed to market transition headwinds in the US even as EU Battery demand picks up, while Q2 guide reflects continued near-term softness and an intentional channel correction, though margins improve as tariff pressure eases.
• GEHC -12%; shares fell after Q1 profit miss and lower guide; Q1 adjusted EPS $0.99 vs consensus $1.05, and revs rose 7.3% Y/y to $5.1B vs. est. $5.03B; lowers adj EPS in the range of $4.80-$5.00 from prior $4.95-$5.15 and vs. $5.06 consensus.
• HOOD -11%; after core Q1 EPS of $0.36 missed consensus of $0.40, and adjusted EBITDA of $534mn being below consensus of $584mn, driven by lower-than-expected transaction revenue across the board (6% below Consensus), with lower take rates in options and crypto.
• OI -11%; after Q1 adj EPS $0.15 misses the $0.12 consensus on revs $1.54B vs. est. $1.47B; cuts FY26 guidance as sees EPS of $1.00-$1.50, vs. prior outlook of $1.65-$1.90 to reflect higher global energy costs as well as additional net price pressure in Europe
• SOFI -12%; reported Q1 revs rose 41% y/y to $1.1B vs. est. $1.05B on better earnings but kept its 2026 revenue forecast unchanged, overshadowing record Q1 results; still sees EPS $0.60 and revs $4.66B.
• TER -12%; shares tumbled from all-time highs after Q1 EPS $2.56 beat consensus $2.11 and guided above consensus, with sales and EPS expected at 2% above consensus at the midpoint. Importantly, TER’s sales/EPS guides imply sequential deceleration following 1Q’s strong results.