Mid-Morning Look: August 05, 2026

Mid-Morning Look

Wednesday, August 05, 2026

The upside momentum continues as broader averages are higher for a 5^th straight day with the Dow Jones Industrial Average extending record gains after closing above 54,000 for the first time ever on Tuesday (was 23^rd record high of year) and the S&P 500 also posted a record high (its 26^th of the year). The rally was led by the tech sector as the QQQ’s jumped 9% in the last 4 days while @bespokeinvest noted on X, “The Nasdaq just rallied 1%+ for four consecutive days. Just the 18th time that has happened in the index’s history back to the early 1970s.” A truly impressive rally over the last few days after it appeared investors left technology (XLK, SOX, QQQ) for dead with losses in July. Oil prices have slumped in recent days along with treasury yields, helping give precious metals (gold, silver) notable bounces today. Big winners overnight/this morning on earnings include AMGN, BKNG, BWA, DIS, LLY, QLYS, SHOP and WYNN while standout decliners post results are AMD, FLUT, PODD, SPCX and UBER. Oil prices remain weak despite reports Houthi military spokesperson claimed a ballistic missile strike on the Saudi oil tanker ‘Wafaa’ in the Red Sea, stating it was a “precise hit.” Russell 2000 hitting new all-time highs as well with Smallcaps also participating, though defensive sectors lag (utilities, REITs, staples).

• S&P July services PMI at 54.6 vs 51.2 prior and S&P July composite PMI at 54.5 vs 51.9 prior.

• Retailers: BBBY shares tumbled after posted miss with Q2 EPS loss (-$0.53) vs. est. loss (-$0.26); Q2 revs $361.2M vs. est. $362.4M; Q2 adj EBITDA loss of $12M and Q2 operating loss of $42.9M; files for mixed shelf of up to $200M. BURL was downgraded to Neutral on more balanced risk/reward at Citigroup saying shares are within 5% of their target price and risk/reward no longer skews to the upside/Sentiment has become more positive recently, as many see the potential for upside in Q3. CPRI Q1 revs fell -3.5% y/y to $769M topping ests $753M but cuts FY rev forecast to about $3.4B from about $3.53B expected earlier, saying inventory delays are expected to hit revenue at its key Michael Kors brand in Q2. BBY was cut to Hold from Buy at Jefferies saying shares are pricing in a solidly positive comp for Q2, and the magnitude of Best Buy’s earnings outperformance thereafter may disappoint.
• Metals & Mining: after a few weeks of consistent pressure on higher oil, rising Treasury yields/dollar and rate hike expectations, gold and silver prices got a bounce today and lifted precious metal miners (NEM, AEM, AG, B, WPM, PAAS, CDE); HL shares rallied with broader miners despite Q2 revs fall -19% q/q to $333.85M on lower metal prices while Q2 adj Ebitda fell -25% sequentially;  in industrial metals, VALE was downgraded to Neutral from Buy at Bank America.
• Mortgage Services: COMP beat Q2 consensus on revs $4.31B vs. $4.09B and guided Q3 ahead ($3.85B-$4.05B vs est $3.747), despite signs that overall housing market weakened quarter-to-date; OPEN Q2 EPS loss (-$0.03) more than est. loss (-$0.07) and revs fell -44% Y/y to $883M missing est. $905.9M; Q2 Non-GAAP adjusted EBITDA was a loss of $4M, swinging from a profit; sees Q3 revs growing at least 20% Y/y.

• ANET +3%; as 2Q revenue grew 38% vs. Street at 28%, with 43% growth seen in 3Q/4Q as AI, Campus and core demand broaden; FY26 growth guidance rises to 40% from 28%.
• APPS +48%; after the company beat FQ1 revenue and earnings expectations and issued stronger-than-expected full-year guidance. Revenue jumped 27% Y/Y to $166M, fueled by a 56% surge in its App Growth Platform segment, driven by strength in its demand-side brand business and the DT Exchange/guided FY2027 revenue in the range of $650M-$670M, which is above consensus
• BKNG +6%; rallied behind results as Gross Bookings/Revenue/Adj. EBITDA were 3%/2%/3% ahead of consensus. 3Q26E guidance, however, was below expectations again, with management trimming 2026E Gross Bookings guide to HSD growth on Iran impact/Q2 room nights grew +5% Y/y to 325M, beating the high end of guidance by 1% and gross bookings of $51.0B grew +9% Y/y.
• BWA +8%; topped analysts’ estimates for Q2 profit and sales, as benefited from steady demand for powertrain systems and turbochargers; said that it planned to increase its annual R&D spend to help with its lineup catered to data centers; reported Q2 $1.42/$3.65B vs. est. $1.28/$3.56B.
• KTOS +10%; reported 2Q EPS of $0.21 vs. Street’s $0.14 as revenue of $459M was above the Street’s $410M, driven by strength in defense rocket systems; turbine technologies; Valkyrie-related activity; microwave products; and space, training, and cyber (shares were upgraded to Overweight at Piper).
• LLY +4%; raises FY revs view to $85.0B-$87.0B, from prior $82.0B-$85.0B after Q2 revs $22.97B topped consensus est. $20.59B as Zepbound revs $4.93B (est $4.64B) and Mounjaro revs $9.9B (est $8.83B); said is committed additional $4.5B to expand manufacturing sites. Revenue surged 48% YoY as Mounjaro and Zepbound drove strong volume growth, prompting the company to raise its full-year outlook.
• QLYS +16%; posted one of its strongest quarters in recent history as revenue growth accelerated a point to +11% Y/y and ST Billings growth accelerated into the mid- teens range for the first time in 2+ years, driven by strength in ETM and Patch Management and 2026 revenue guide was raised
• SHOP +19%; shares jumped after Q2 beat/raise, with GMV (=32% to $115.57B), revenue (+34% to $3.58B), margins and FCF all coming in well ahead of expectations, while Q3 rev growth guidance of low 30% vs. ~27% consensus.
• UPST +9%; after reported an all-time high contribution profit of $193M and adj EBITDA of $76.9M (21% margin)/strong Q2 on the origination front, with total originations up 23% QoQ, core personal loans were up 27%, while Home and Auto reached ~14% of total origination volume.
• WYNN +11%; as reported a beat driven by mass hold in Macau, while Las Vegas was in-line with low expectations and announces its Wynn Al Marjan Island resort, UAE’s first with a casino, expected to open in Sep. 2027.

• AMT -6%; along with CCI, SBAC as indicated by SpaceX’s ambitious plans for its satellite constellation and direct-to-device technology. Rather than relying solely on traditional 5G cellular towers, this phone carrier would use low Earth orbit (LEO) satellites as cell towers.
• BBBY -19%; posted miss with Q2 EPS loss (-$0.53) vs. est. loss (-$0.26); Q2 revs $361.2M vs. est. $362.4M; Q2 adj EBITDA loss of $12M and Q2 operating loss of $42.9M; files for mixed shelf of up to $200M.
• FLUT -10%; Peter Jackson will step down as group CEO, which came alongside a lower than expected 45% fall in Q2 core earnings (EBITDA) to $508M, but topped est. $478M, though lowered its full-year adjusted EBITDA forecast for the fourth successive quarter to $2.65B from $2.87B in May.
• KHC -4%; shares fell as Q2 results topped consensus, but offered mixed guidance for the year as raises FY Adj EPS to $2.03-$2.09, from prior $1.98-$2.10, but weaker adj operating profit view of negative -16% to -18%, from -14% to -18%.
• PODD -18%; shares fell after lowering its 2026 revenue growth to be between 20%-22%, compared to its prior view in the 21%-23% range after posting a beat on the top and bottom line for Q2 with EPS $1.66 on revs $801.7M topping ests $1.45/$787.2M.
• PUK -15%; shares tumbled following a report that China is widening its tax enforcement efforts. The report suggests Chinese authorities are expanding the scope of tax scrutiny, raising concerns about potential impacts on companies with exposure to the market
• SPCX -10%; shares fell on higher spending concerns after posting $18.4B in capex in Q2, which compared with just $2.8B in the prior year, which offset a 92% surge in quarterly revs; revenue/EBITDA beats across the board as revs of $7.8B topped the Street’s $6.8B; EBITDA of $3.5B also exceeded Street’s $2.1B
• UBER -5%; posted mixed Q2 results while its sales and profit forecast missed estimates guiding Q3 EPS $0.84-$0.88 vs. est. $0.91 and Gross Bookings of $58.25B-$60.25B, representing growth of 18% to 22% y/y after Q2 gross bookings were $58B, up 24% y/y.