Earnings Recap - July 09, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$LEVI** - Levi Strauss & Co. reported Q2 2026 earnings that beat estimates, showing solid revenue growth despite a challenging consumer environment. The company’s ability to maintain strong sales amid inflationary pressures was a positive surprise. However, shares fell 6.1% in pre-market trading, likely due to cautious guidance or concerns about margin pressures despite the beat. **$IONS** - Ionis Pharmaceuticals also reported Q2 results that beat expectations. Despite the positive earnings surprise, the stock dropped 12.4% pre-market, possibly reflecting investor disappointment with guidance or pipeline updates. **$MU** - Micron Technology continues to be a standout in the semiconductor space. Although specific Q2 numbers were not detailed overnight, Micron’s stock has rallied 700% recently and remains attractively valued relative to peers like Nvidia and AMD. The company also announced plans to invest over $250 billion in U.S. manufacturing by 2035, signaling confidence in long-term growth driven by AI demand. ### Misses & Negative Reactions **$AZN** - AstraZeneca shares plunged 8% after the company missed a primary endpoint in a late-stage heart drug trial, leading to a $27 billion market value loss. This setback triggered a selloff not only in AstraZeneca but also affected peers like Pfizer, which saw a jump likely from a rotation into perceived safer or more promising drugmakers. **$NOAH** - Noah Holdings reported earnings that disappointed investors, with shares down 14% pre-market. The miss likely reflects ongoing challenges in the Chinese financial services sector amid regulatory and economic uncertainties. **$WDFC** - Data not available for overnight earnings specifics, but WDFC was mentioned among stocks in focus. ## Reporting Today Companies expected to report earnings today: - **$COST** - Before market open - Costco is expected to report key metrics including revenue and same-store sales. Recent commentary suggests a small June sales dip but overall solid performance, with tariffs and inflationary pressures in focus. - **$PEP** - After market close - PepsiCo’s Q2 2026 report will be closely watched for revenue and EPS figures. The company recently beat revenue estimates but missed EPS, citing a slump in U.S. consumer demand and rising inflationary pressures impacting snacks and soda sales. - **$HON** - Before market open - Honeywell is in focus with expectations for solid industrial demand and margin trends amid a mixed macroeconomic backdrop. - **$AZZ** - Before market open - AZZ is also reporting, with investors looking for updates on industrial demand and margin outlook. - **$BTCUSD** - Data not applicable as this is a cryptocurrency ticker. - **$QQQ / $SPY** - ETFs, no earnings but relevant for market context. - **$INTC, $NVDA, $AMD** - Data not available for exact reporting dates today, but these semiconductor giants remain key market movers with Micron’s strong momentum highlighting the sector. ## Earnings Themes - **Revenue Trends:** Many companies continue to show resilience in revenue growth despite inflation and geopolitical tensions. Levi Strauss and Ionis Pharmaceuticals beat revenue expectations, while Costco and PepsiCo’s results highlight mixed consumer spending patterns with pockets of softness. - **Margin Pressures:** Inflation and supply chain costs remain a challenge. PepsiCo flagged rising inflationary pressures impacting margins, and Levi Strauss’s cautious guidance suggests margin compression risks despite solid top-line growth. - **Guidance Sentiment:** There is a cautious tone in guidance from several companies. AstraZeneca’s clinical trial miss has dampened sentiment in pharma, while Levi Strauss’s shares fell despite earnings beat, indicating investor concerns about future profitability. Semiconductor investments like Micron’s massive U.S. expansion plan signal confidence in long-term growth, contrasting with some near-term caution. ## Earnings Trade Ideas 1. **Micron Technology ($MU)** - The company’s strong earnings momentum and commitment to a $250 billion investment in U.S. chip manufacturing position it well to capitalize on the AI-driven memory supercycle. Investors looking for semiconductor exposure with growth potential and attractive valuation should consider adding or holding **$MU**. 2. **PepsiCo ($PEP)** - Despite recent EPS misses and consumer softness, PepsiCo’s strong brand portfolio and pricing power in a challenging inflationary environment could offer a defensive play. Watch the Q2 report for signs of stabilization in U.S. consumer demand and margin management strategies. In summary, the earnings landscape shows a mix of resilience and caution. Consumer staples and industrials reflect inflationary headwinds, while semiconductor and biotech sectors are navigating innovation-driven growth and pipeline risks. Traders should focus on companies with strong revenue growth and clear margin management amid ongoing macro uncertainties.