Earnings Recap - March 25, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$AMAT** - Applied Materials delivered strong earnings, supported by robust demand for AI-related semiconductor equipment. The stock rose 4.19% to $376.95, reflecting investor confidence in its growth trajectory amid the AI chip boom. **$CHWY** - Chewy beat earnings estimates by $0.18 per share, with revenue coming in line with expectations. Shares jumped 10.17% to $25.99, signaling renewed optimism in its e-commerce pet supply business. **$BRZE** - Braze reported strong Q4 2026 results, driving a 20.19% surge in its stock to $22.74. The company’s earnings call highlighted accelerating revenue growth and improving operational metrics. **$CECO** - CECO Environmental Corp. presented at the Roth Conference with positive investor reception, pushing shares up 6.28% to $62.08. The company’s outlook on environmental solutions resonated well with the market. **$BCDA** - BioCardia, Inc. reported Q4 2025 earnings with encouraging data, lifting shares 4.17% to $1.25. **$PAYS** - Paysign, Inc. saw a 25.69% jump to $4.20 following its Q4 2025 earnings call, reflecting strong growth in its digital payments platform. **$CFG** - Citizens Financial Group gained 3.48% to $60.00 after reporting solid earnings, benefiting from higher interest rates and stable credit quality. **$C** - Citigroup shares rose 2.99% to $114.98, supported by better-than-expected earnings and optimism around banking sector fundamentals. **$GM** - General Motors rallied 3.88% to $78.66, buoyed by expansion in autonomous driving AI testing and positive investor sentiment on EV investments. **$INTC** - Intel jumped 3.92% to $45.73 on strong results and optimism around its AI chip roadmap. **$LRCX** - Lam Research climbed 2.49% to $239.11, benefiting from growing chip complexity and demand for semiconductor equipment. **$JPM** - JPMorgan gained 1.76% to $295.00 after raising price targets on several stocks and showing confidence in financial sector earnings. **$APO** - Apollo Global Management rose 1.37% to $111.96 after capping redemptions in its debt solutions fund, signaling stability in private credit. ### Misses & Negative Reactions **$COIN** - Coinbase tumbled 7.49% to $185.60 following a disappointing reaction to regulatory uncertainty around the Clarity Act and a Senate snag, raising concerns about near-term growth. **$SNOW** - Snowflake dropped 6.20% to $163.40 after missing revenue expectations and showing margin pressures, despite strong AI-related demand. **$ABSI** - Absci Corporation declined 6.14% to $2.75 on mixed Q4 results and cautious guidance. **$KPTI** - Karyopharm Therapeutics fell 17.42% to $5.50 after reporting a $10.8 million loss and disappointing clinical trial results. **$INTZ** - Intrusion Inc. dropped 13.28% to $0.98 following weak Q4 earnings and margin contraction. **$FDS** - FactSet Research Systems declined 3.96% to $200.22 amid margin concerns and a lowered price target from RBC Capital. **$MU** - Micron Technology slid 4.43% to $386.44 despite ramping up capex aggressively; concerns remain about near-term memory market softness. **$GOOGL** - Alphabet shares fell 2.67% to $294.00 despite announcing an accelerated quantum AI timeline, reflecting mixed investor sentiment on near-term profitability. **$ACN** - Accenture dropped 2.44% to $195.13 despite announcing new investments, possibly due to concerns over spending pressures. **$BKNG** - Booking Holdings declined 1.86% to $4315.00, pressured by cautious guidance amid geopolitical uncertainties. **$SNAP** - Snap fell 2.11% to $4.42 after a modest earnings beat failed to offset concerns about user growth. **$DFS** - Discover Financial Services slipped 1.19% to $198.10 amid mixed credit trends. ## Reporting Today Companies expected to report earnings today: - **$KBH** - Before market open - Watch for Q1 2026 results and guidance, especially given recent price target cuts and commentary on housing market headwinds. - **$BRZE** - After market close - Investors will focus on Q4 2026 revenue growth and margin expansion following the strong pre-market move. - **$PAYS** - After market close - Key metrics include digital payment volume growth and profitability trends. - **$BCDA** - After market close - Look for updates on clinical progress and revenue guidance. - **$CECO** - After market close - Market will watch for environmental solutions demand and margin outlook. - **$ABSI** - After market close - Focus on pipeline updates and R&D spending. - **$INTZ** - After market close - Investors will seek clarity on turnaround plans after recent earnings miss. - **$KPTI** - After market close - Clinical trial updates and cash flow outlook critical after recent loss. - **$MU** - After market close - Capex plans and memory market demand outlook will be key. - **$SNOW** - After market close - Margin recovery and AI-related revenue growth closely watched. - **$GOOGL** - After market close - Quantum AI progress and cloud growth updates expected. - **$ACN** - After market close - Investment plans and margin guidance under scrutiny. - **$BKNG** - After market close - Travel demand trends and geopolitical impact on bookings will be key. ## Earnings Themes - **AI and Semiconductor Demand**: Companies like Applied Materials, Lam Research, and Intel are benefiting from accelerated AI chip demand, driving strong revenue and capex increases. ARM’s announcement of a $15 billion in-house AI chip revenue target underscores the sector’s growth potential. - **Margin Pressures**: Snowflake and FactSet highlight ongoing margin compression despite revenue growth, reflecting higher costs in technology investments and competitive pricing pressures. - **Guidance Caution**: KB Home’s lowered price target and cautious outlook reflect housing market challenges amid rising rates and geopolitical uncertainty. Booking Holdings and Snap also show cautious guidance amid macro headwinds. - **Regulatory and Geopolitical Risks**: Coinbase’s decline illustrates regulatory uncertainty impacting crypto-related firms. Alphabet and Meta face mixed investor reactions despite AI investments, as geopolitical tensions and regulatory scrutiny persist. - **Private Credit Stability**: Apollo’s capped redemptions indicate stabilization in private credit markets, a positive sign amid broader financial market volatility. ## Earnings Trade Ideas 1. **Long Applied Materials ($AMAT) and Lam Research ($LRCX)**: With AI chip demand surging, these semiconductor equipment leaders are positioned for continued revenue growth and margin expansion. Their recent beats and positive guidance suggest a strong earnings momentum play. 2. **Cautious on Coinbase ($COIN)**: Regulatory uncertainties and legislative hurdles pose near-term risks. Consider avoiding or hedging exposure until clarity emerges on the Clarity Act and Senate developments. 3. **Watch KB Home ($KBH) for Entry Point**: Given recent guidance cuts and price target downgrades, KB Home may offer a tactical buying opportunity if housing market conditions stabilize. Monitor Q1 results closely for signs of bottoming. 4. **Monitor Snowflake ($SNOW) for Margin Recovery**: Despite recent weakness, Snowflake’s AI-related revenue growth could drive a turnaround in margins. Consider a selective position if guidance improves post-earnings.