Earnings Recap - March 18, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$ZTO** - ZTO Express (Cayman) Inc. beat Q4 2025 earnings expectations with a beat of ¥0.18 per share and revenue topping estimates. The stock rose 3.32% to $24.58, reflecting investor confidence in its operational momentum. **$IBIO** - iBio, Inc. reported positive developments on its bispecific antibody program targeting pulmonary hypertension in heart failure, which lifted shares by 5.02% to $2.51. This progress signals potential growth in its therapeutic pipeline. **$IBM** - IBM shares gained 2.31% to $255.00 following the completion of its $11 billion acquisition of Confluent, positioning the company to strengthen its hybrid cloud and AI capabilities. **$CF** - CF Industries surged 5.37% to $128.90 despite a recent downgrade, buoyed by ongoing fertilizer demand and commodity price strength. **$BX** - Blackstone Group rose 3.31% to $110.67 after announcing a $310 million investment in India’s electric bus platform, signaling growth in sustainable infrastructure. **$APO** - Apollo Global Management shares jumped 3.06% to $106.62 on optimism around private credit growth and strategic fund launches. **$MU** - Micron Technology climbed 4.94% to $463.63, riding a memory price spike and strong earnings outlook, reinforcing its leadership in AI-related semiconductor demand. **$LITE** - Lumentum Holdings soared 10.91% to $693.00 after discussing illuminating network trends and AI-driven growth opportunities, highlighting its role in next-generation optical technologies. **$NRGV** - Energy Vault Holdings gained 7.80% to $3.73 on positive Q4 2025 earnings call insights, emphasizing growing demand for battery systems in data centers. ### Misses & Negative Reactions **$TTD** - The Trade Desk fell sharply 12.67% to $23.65 following a downgrade by Rosenblatt to Neutral and a lowered price target to $25, citing agency tensions and concerns over growth sustainability. **$INTC** - Intel shares dropped 4.44% to $43.73 amid ongoing challenges in scaling AI chip production and competitive pressures, despite recent news of expanding orders from China. **$LLY** - Eli Lilly declined 6.65% to $923.30 after reporting lower-than-expected revenue growth and cautious guidance, reflecting margin pressures in its pharmaceutical portfolio. **$WULF** - TeraWulf Inc. shares fell 4.32% to $15.70 due to revenue declines amid its strategic pivot to high-performance computing operations. **$CIFR** - Cipher Digital experienced a 2.25% drop to $14.80 as sales are expected to decline during its transition to HPC markets, raising near-term growth concerns. **$BTBT** - Bit Digital Inc. slipped 2.38% to $1.64 despite positioning for digital treasury models, indicating investor caution in the crypto mining sector. **$BMRN** - BioMarin Pharmaceutical declined 1.62% to $56.50 despite positive trial results, as broader biotech sentiment remains cautious. **$OSIS** - OSI Systems dropped 2.82% to $270.50 after its presentation at JPMorgan Industrials Conference failed to fully assuage concerns about cost overruns. ## Reporting Today Companies expected to report earnings today: - **$DOCU** - Before market open - Watch for Q4 2026 earnings and revenue, with recent analyst upgrades citing AI platform-driven growth. - **$ZTO** - Before market open - Investors will look for detailed commentary on Q4 2025 beat and guidance. - **$TRVI** - Before market open - Q4 2025 earnings call transcript available; watch for updates on pipeline progress. - **$IBIO** - Before market open - Updates on bispecific antibody programs and clinical milestones. - **$TTAM** - Before market open - Q4 2025 earnings call transcript; monitor for insights on construction materials demand. - **$SANA** - Before market open - Presentation at Citizens Life Sciences Conference; focus on biotech pipeline. - **$HQY** - Before market open - Q4 2026 earnings call; watch for cash flow and growth metrics. - **$COHR** - Before market open - Presentation at OFC 2026; photonics innovation and AI data center communications expected to be key topics. - **$CIEN** - Before market open - Presentation at OFC 2026; focus on optical networking growth. - **$WBI** - Before market open - Q4 2025 earnings call transcript; infrastructure demand to be key. - **$TRVI** - Before market open - Q4 2025 earnings call transcript. - **$QFIN** - Before market open - Q4 2025 earnings call transcript; watch for fintech growth commentary. - **$ZTO** - Before market open - Q4 2025 earnings call transcript. - **$NTNX** - Before market open - Recent revenue and earnings forecast cut; watch for updated guidance. - **$LITE** - Before market open - Presentation and transcript available; focus on AI-driven network demand. - **$IBM** - Before market open - Post-acquisition integration and AI strategy updates. - **$MU** - Before market open - Earnings outlook amid memory price strength. - **$CF** - Before market open - Fertilizer demand and commodity pricing outlook. - **$BMRN** - Before market open - Clinical trial updates and margin outlook. - **$TTD** - Before market open - Analyst downgrade impact and growth strategy. - **$TME** - Before market open - Analyst downgrade; watch for revenue and user growth commentary. - **$ALDX** - Before market open - Analyst downgrade; pipeline progress to monitor. - **$DUOL** - Before market open - Analyst downgrade; user metrics and growth outlook. - **$ACN** - Before market open - Analyst downgrade; watch for consulting revenue trends and AI initiatives. ## Earnings Themes - Revenue trends show a mixed picture with strong beats in tech and infrastructure-related names like **$MU**, **$LITE**, and **$BX**, while some biotech and fintech companies face headwinds. - Margin pressures are evident in pharmaceutical names such as **$LLY** and some consumer staples, while companies like **$CF** and **$DOW** benefit from commodity price tailwinds expanding margins. - Guidance sentiment is cautious overall, with several companies lowering forecasts or seeing analyst downgrades (e.g., **$TTD**, **$NTNX**, **$ACN**), but pockets of optimism remain in AI-related sectors and infrastructure investments. ## Earnings Trade Ideas 1. **Micron Technology ($MU)** remains a compelling play on the AI-driven memory demand surge. Its 4.94% overnight gain and strong earnings outlook suggest further upside as AI infrastructure spending accelerates. 2. **Lumentum Holdings ($LITE)** offers a high-growth optics exposure with a 10.91% jump after highlighting AI network demand. Investors looking for semiconductor supply chain plays tied to AI should consider this name ahead of its detailed earnings presentation. Traders should be cautious on **The Trade Desk ($TTD)** following the sharp downgrade and price target cut, which may weigh on sentiment despite the broader AI enthusiasm in tech.