Mid-Morning Look: August 11, 2026

Mid-Morning Look

Tuesday, August 11, 2026

U.S. stocks doing a whole lot of nothing to start the day, similar trading action to Monday where Wall Street content keeping major averages not far off all-time highs hit last week for the S&P 500, Dow Jones Industrials and Russell 2000 (which the Nasdaq is about 2% from ATH) ahead of key inflation data tomorrow morning. The dominant macro tone is risk-on with an inflationary undertow as oil prices jumped overnight and Treasury yields have surged since their Friday morning lows post weak jobs data with the 10-year back above 4.7% overnight (but now below) and the 30-yr back near 20 year highs. Oil prices reversed lower (Brent had been +1.45% at $89 per Barrel) following headlines that Pakistan said on US-Iran tensions that “the situation is moving toward peace” – headlines continue back and forth – but no progress yet. The Nasdaq sits about 2% from its all-time highs, but well above its July lows, which saw the tech-heavy index fall almost 10% from its last record closing high. A strong showing of corporate earnings in the current quarter across several sectors has boosted U.S. stocks to new peaks, with evidence of high AI-related spending showing signs of paying off also easing some jitters. Markets seem in a holding pattern ahead of the CPI and PPI July inflation readings tomorrow and Thursday – stay tuned.

• NFIB Small Business Optimism jumped 2.4 pts to 99.8 (highest since Aug 2025, above 52-yr avg of 98.0). Hiring plans surged +9 pts to net 20%.

• eVTOL sector: JOBY will acquire Resonant Sciences for approximately $500M, adding a Defense technology business with more than $100M in trailing-12-month revenue, ~40% YoY growth and high-teens Adj. EBITDA margins. Resonant will become Joby’s dedicated Defense business. ACHR reported Q2 adj EPS loss (-$177.1M) vs. est. loss (-$187.6M); Q2 net loss widens to (-$45.5M); Q2 revs $5M vs. est. $1.96Ml guides Q3 adj Ebitda (-$200M-$170M).
• Metals & Mining: in aluminum (AA, CENX), prices jumped as Benchmark three-month aluminium on the LME was up 1.7% at $3,373 a metric Ton after hitting $3,384.5, its highest since June 22; Aluminium is up 6% so far in August, having broken above its 200-day moving average last week. Move in prices amid concerns over supply from the Gulf coinciding with Norsk Hydro’s announcement of reduced feedstock production at its Brazilian plant.

• BW +20%; shares rise signed an agreement with Siemens Energy to begin work on 20 steam turbine generator sets, each providing 50 MW, totaling 1 GW of generating capacity.
• CAH +7%; shares rise as Q4 adjusted EPS of $2.91 tops the $2.42 estimate on revenue of $63.7B, issuing FY adjusted EPS guidance of $12.40–$12.60 above the $12.00 consensus, while its board approved a $5.0B incremental share repurchase authorization.
• FRMI +22%; after signs first binding 15-year TensorWave lease worth $6.5B for 222MW Ai Data Center, with expansion rights to more than 650MW.
• P +4%; announces Design win and supply agreement with second top five hyperscaler; said expects design win to contribute to revenue starting in FY2028. Citigroup upgraded Everpure to Buy from Neutral with a price target of $118, up from $90.
• PLUG +12%; delivered better-than-expected Q2 results with gross margins reaching near break-even levels along with modestly improved revenue outlook for FY 2026 and reiterated positive Q4 adj. EBITDA target, but unrestricted cash fell to $162MM in Q2.
• RIOT +12%; after better Q2 results with revs +14% y/y to $174.2Mm above the consensus  est. $152.1Mm, and executes 20-year, 191 mw data center lease with Frontier Ai lab for $9.10B revenue and says data center lease extensions could increase total contract value to $16.10B.
• SE +10%; shares jumped after Q2 revenue $7.79B, +48.1% y/y vs. est. $7.06B; Q2 gross profit $3.55B, +47.3% y/y, net income $458.1M, +10.6% y/y and adj. EBITDA $917.2M, +10.6% y/y; Q2 Shopee GMV rose 28.4% y/y to $38.3B, gross orders increased 27.5% to 4.2B.

• APP -5%; was downgraded to Neutral from Buy at Bank America saying risks to AppLovin’s articulated 30% y/y long-term revenue growth forecast have increased and innovations in support of 30% growth are also riskier (shares hit 52-week lows – fell -20% last week post earnings).
• ETOR -8%; posted mixed results as Q2 EPS exceeded expectations ($0.68 vs. est. $0.63) while revs and income fell to $1.59B from $2.09B a year ago on the back of an ~30% decline in revenue from crypto assets. Revenue from crypto assets declined to $1.35B from $1.91B.
• HIMS -2%; reported Q2 revenue, subscribers, and EBITDA all exceeding Street expectations, though updated guidance was mixed pressuring shares early; beat in Q2, raised 2026 revenue guidance mostly on the Eucalyptus acquisition and lowered EBITDA guidance by 4%.
• ONON -18%; shares tumbled after earnings results disappointed as Q2 total revenues rising 21.6%-below projections of 24% and 23%-despite direct-to-consumer (DTC) sales performing well, up 34.3%; revised down its 2026 revenue outlook from at least +23% to low 20% growth in c/c.
• OPFI -18%; shares slumped after lowering its total revenue forecast to $600M-$625M from prior view of $650M-$657M and adj net income forecast cut to $115M-$130M from prior $153M-$160M after posting Q2 adj EPS $0.33 missing the $0.45 estimate.
• PRPL -23%; Q2 results were below expectations given ongoing industry softness, while the company lowered its 2026 revenue guidance to $420M-$440M from $465M-$485M (est. $466.9M) given soft Q2 results and the outlook for 2H, though narrowed its adj. EBITDA guidance.
• RKLB -2%; shares fell despite a Q2 revenue beat (rose 62% y/y to $234M vs. est. $230.9M) and raised Q3 revenue guidance of $250M–$265M versus the $236M consensus, after the company pushed the first Neutron rocket launch pad target to Q4 rather than a full launch.
• VG -4%; missed analysts’ estimates for Q2 revenue (rose 48% y/y to $4.58B vs. est. $4.66B) and adjusted core profit, as lower LNG prices at its Calcasieu Pass facility and higher operating costs (expenses rose 15.9% to $2.39B and interest expense +58% to $489M) weighed.