Earnings Recap - March 26, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$MU** - Micron Technology reported Q2 revenue exceeding $23.8 billion, beating estimates and highlighting the strategic importance of memory amid AI-driven demand. The CEO emphasized ongoing memory shortages, supporting a positive outlook despite sector headwinds. Shares surged on the news, though they closed down 5.85% from $395.53 to $372.41, reflecting some profit-taking after recent momentum. **$NAVN** - Navan, Inc. saw a remarkable 31.49% jump in share price to $11.19 following its Q4 2026 earnings call. The company reported strong results that significantly outpaced market expectations, driving investor enthusiasm. **$CHWY** - Chewy shares rallied 11.77% to $26.21 after a solid earnings report. Despite a recent price target cut by Citizens citing valuation concerns, the stock's strong operational performance and revenue growth continue to attract buyers. **$CELC** - Celcuity Inc. gained 3.97% to $106.06 after reaffirmation of a Buy rating and a $122 price target by Needham, buoyed by positive sentiment around its Q4 2025 earnings and pipeline prospects. **$SRZN** - Surrozen shares rose 4.56% to $26.14 after the company reported earnings that beat revenue estimates and confirmed its outlook, though shares had been under pressure recently. **$DOW** - Dow Inc. shares increased 3.63% to $39.70 following a better-than-expected earnings report, signaling resilience in its industrial chemicals segment despite macroeconomic uncertainties. ### Misses & Negative Reactions **$DERM** - Journey Medical Corporation reported earnings that missed estimates by $0.50 and revenue that fell short, leading to an 11.58% drop in shares to $6.11. The disappointing results highlight challenges in the dermatology segment. **$BEAM** - Beam Therapeutics shares declined 4.98% to $22.76 after discussing Phase I/II data for BEAM-302 in Alpha-1 Antitrypsin Deficiency that failed to meet some investor expectations, raising concerns about near-term pipeline catalysts. **$WYY** - WidePoint Corporation saw an 8.57% decline to $4.80 following a weak Q4 2025 earnings call transcript that revealed margin pressures and revenue softness. **$KRMN** - Karman Holdings shares dropped 5.16% to $96.59 after reporting Q4 2025 results that disappointed investors, reflecting softer sales and margin contraction. **$MU** - Despite beating revenue estimates, Micron’s shares fell sharply overnight, likely due to concerns about softness in DRAM orders and a recent downgrade, indicating mixed investor sentiment. ## Reporting Today Companies expected to report earnings today: - **$AAPL** - After market - Watch for updates on iPhone sales and guidance amid rising memory prices impacting PC sales. - **$AMZN** - After market - Key metrics include revenue growth in cloud and retail segments, and commentary on robotics initiatives following the Figure AI acquisition. - **$ADBE** - After market - Investors will focus on revenue and margin trends amid competitive pressures and a recent downgrade by William Blair. - **$GOOGL** - After market - Key to watch are advertising revenues and cloud growth, especially in light of new AI memory compression tech. - **$META** - After market - Earnings will be scrutinized for AI investment impact and guidance amid a 1.43% share price decline. - **$MS** - After market - Watch for trading revenue and expense outlook amid a 1.45% pre-market decline. - **$JPM** - After market - Key metrics include net interest margin and loan growth, with shares slightly down 0.07%. - **$BAC** - After market - Focus on loan growth and credit quality metrics. - **$BLK** - After market - Asset management fee trends and fund flows will be important. - **$PLTR** - After market - Investors will look for updates on government contracts and AI software sales. - **$SOFI** - After market - Earnings will be watched closely amid short seller targeting and a 2.28% pre-market decline. - **$RIVN** - After market - Key focus on vehicle deliveries and cost control amid a 4.35% share drop. - **$FTNT** - After market - Cybersecurity revenue growth and margin trends amid a 1.46% decline. - **$TGT** - After market - Same-store sales and margin guidance will be key. - **$WMT** - After market - Sales growth and e-commerce performance will be under scrutiny. ## Earnings Themes - **Revenue Trends:** Many companies continue to show strong top-line growth, particularly in technology and industrial sectors, driven by AI demand and resilient consumer spending. Micron’s robust revenue beat underscores memory’s strategic role in AI infrastructure. - **Margin Pressures:** Margin compression is evident in several names, including Adobe and Journey Medical, reflecting rising input costs and competitive pressures. Meanwhile, companies like Dow and Cryoport are managing to expand margins despite macro headwinds. - **Guidance Sentiment:** Mixed signals prevail. Some companies like Navan and Celcuity are raising guidance or confirming optimistic outlooks, while others, including Adobe and SoFi, face downgrades and cautious guidance due to competition and growth concerns. - **Valuation Concerns:** Multiple downgrades from Raymond James and Citizens highlight valuation and growth worries in payments and biotech sectors, signaling investor caution despite solid earnings beats. ## Earnings Trade Ideas 1. **Long Micron Technology ($MU):** Despite recent volatility and a sector downgrade, Micron’s strong Q2 revenue beat and strategic positioning in AI memory supply suggest a compelling long-term opportunity. Investors should watch for sustained demand in AI chips and potential supply constraints that could support pricing power. 2. **Watch Chewy ($CHWY) for a Rebound:** After a strong earnings beat and significant share price jump, Chewy remains attractive for investors focusing on resilient e-commerce growth in pet products. The recent price target cut reflects valuation concerns, but operational momentum could drive further upside. 3. **Cautious on Adobe ($ADBE):** Given the recent downgrade on competition concerns and a 2.35% share decline, Adobe’s report will be critical. Investors should monitor margin trends and guidance for signs of whether competitive pressures are intensifying or manageable. 4. **Monitor SoFi ($SOFI) Amid Short Seller Pressure:** With shares down 2.28% and short sellers targeting the stock, the upcoming earnings report will be a key catalyst. Positive surprises in loan growth or credit quality could trigger a short squeeze, while misses may exacerbate downside. This morning’s earnings landscape reflects a mix of strong sector-specific growth drivers, particularly in AI-related tech, alongside cautionary signals from valuation and margin pressures. Investors should focus on companies with clear strategic advantages and resilient revenue streams amid ongoing macro uncertainties.