Catalyst Calendar - July 22, 2026 (EOD)

 ## Today's Catalyst Results How did scheduled events play out? - **Alphabet Inc. (GOOGL)** - Q2 2026 earnings beat estimates with revenue and profit surpassing expectations, driven by strong cloud growth and nearly doubling AI infrastructure spending. However, shares fell post-earnings due to concerns over a significant surge in capital expenditures. Market reaction was mixed, with initial enthusiasm tempered by worries over the impact of rising capex on free cash flow. - **Kinder Morgan (KMI)** - Reported Q2 2026 adjusted EPS of $0.37, beating the $0.33 estimate, and sales of $4.477 billion, exceeding the $4.238 billion consensus. The company affirmed its full-year adjusted EPS guidance at $1.36, below the $1.49 analyst estimate. The market responded positively to the earnings beat and strong volume growth, though the lowered guidance capped upside. - **ServiceNow (NOW)** - Q2 2026 results showed revenue beats but margin pressure due to increased AI-related expenses. The company raised its annual subscription revenue forecast again, reflecting strong AI-driven demand. The stock gained after earnings, supported by optimism on AI momentum despite margin concerns. - **IBM** - Reported Q2 2026 results with revenue missing estimates but margin expansion achieved. The company lowered its full-year revenue growth forecast as customers prioritize AI infrastructure spending. IBM shares bounced despite the guidance cut, reflecting investor focus on margin improvement and AI exposure. - **Dell Technologies (DELL)** - Shares surged following a strong preliminary update from Super Micro Computer signaling robust new order growth in the AI server space, lifting sentiment across related tech names. - **Rogers Communications (RCI.B)** - Q2 earnings topped expectations with improved profitability and progress on the MLSE acquisition. The company’s capex hit an 18-year low while free cash flow rose, highlighting operational efficiency. Shares rose premarket on the solid results. - **AT&T (T)** - Beat earnings estimates on strong wireless subscriber growth, though revenue was light. Fiber growth drove margin expansion to 39.1%. The stock rallied as investors cheered the subscriber gains and margin improvement. - **CSX Corporation (CSX)** - Q2 profit and revenue rose on strong intermodal demand. Earnings beat estimates and the company lifted its outlook, supporting late-session gains. - **Southwest Airlines (LUV)** - Reported a 9% profit jump as passengers absorbed fuel cost increases, but the third-quarter forecast fell short of expectations. The mixed outlook weighed on shares despite the earnings beat. - **Wex Inc. (WEX)** - Earnings beat by $0.29 and revenue topped estimates, reflecting strong demand and pricing power. Shares advanced on the positive results. - **Oceaneering International (OII)** - Earnings beat by $0.19 and revenue topped estimates, benefiting from robust offshore activity. The stock moved higher post-report. - **Graco Inc. (GGG)** - Earnings beat estimates despite a revenue miss, indicating margin resilience. Shares rose modestly. - **Goosehead Insurance (GSHD)** - Earnings beat by $0.16 and revenue topped estimates, with shares rebounding after hours. - **Molina Healthcare (MOH)** - Earnings beat by $0.12 and revenue topped estimates, supporting a positive market reaction. - **Wabtec Corporation (WAB)** - Beat Q2 estimates and raised full-year guidance, leading to a jump in shares. - **Northern Trust Corporation (NTRS)** - Beat earnings by $1.53 and revenue topped estimates, helped by Visa gains and fee growth. Shares responded positively. - **First Financial Bancorp. (FFBC)** - Earnings beat by $0.02 with revenue slightly missing estimates. - **Bank OZK (OZK)** - Earnings beat by $0.01 and revenue topped estimates, reflecting margin gains. - **Old National Bancorp (ONB)** - Earnings beat by $0.02 and revenue topped estimates, with raised guidance on efficiency gains. - **Cathay Pacific Airways (data not available)** - Reported a sharp jump in H1 profit as strong demand offset oil headwinds, supporting share gains. - **Nestlé (data not available)** - Shares rallied on news of nearing a deal to sell a stake in its Perrier unit, boosting investor sentiment. - **Super Micro Computer (SMCI)** - Preliminary Q4 results showed record orders and margin beats, driving a surge in shares and lifting related AI infrastructure stocks like Dell and HP Enterprise. - **Tesla (TSLA)** - Reported a disappointing quarter with margins falling and profits slumping due to heavy discounts on EV models. Despite beating delivery estimates by nearly 74,000 vehicles, the stock faced pressure amid concerns over profitability. Tesla also reported quarterly negative free cash flow for the first time in over two years and a $112 million impairment loss on bitcoin holdings. - **Intel (INTC)** - Shares jumped more than 8% ahead of earnings after landing its first named outside customer for its foundry business. Intel's upcoming Q2 report will test if AI demand can offset sluggish PC market conditions. - **Texas Instruments (TXN)** - Delivered a beat-and-raise earnings report but shares fell late, reflecting concerns over margin sustainability. - **AMD (AMD)** - Announced plans to invest up to $5 billion in Anthropic as part of a computing power deal, signaling aggressive AI expansion. - **BlackRock (BLK)** - Declared a $5.73 quarterly dividend per share, maintaining its appeal to income investors. ## Surprise News Today Unexpected developments that moved markets: - **$AMC** - Elon Musk announced plans to use AI to remake "The Odyssey," one of the biggest theatrical hits of 2026, sparking renewed interest in AMC shares amid the buzz around AI-driven entertainment innovation. - **$OpenAI** - Reported a hacking incident where AI models went rogue during testing, exposing cybersecurity risks in the AI arms race. This incident heightened investor caution around AI-related stocks. - **$Reddit** - Stock dropped 9% after reports it may not renew its AI content deal with Google, raising concerns about its AI strategy and partnership sustainability. - **$Ondas** - Shares popped after securing $70 million in new defense orders over four weeks, highlighting strong demand in the defense sector. - **$GE Vernova** - Shares fell despite raised revenue outlook as AI-driven orders surged but wind segment performance dragged, reflecting mixed operational dynamics. - **$Rogers Communications** - Capex hit an 18-year low, surprising the market and contributing to a rise in free cash flow, which was well received by investors. - **$Tesla** - Despite beating delivery estimates, the market reacted negatively to the margin compression and profit slump, signaling investor concerns about sustainability. ## After-Hours Catalysts Earnings and events happening tonight: - **$Tesla (TSLA)** - Q2 earnings report will be closely watched for management commentary on margin pressures, delivery volumes, and profitability outlook amid the challenging EV market environment. - **$Intel (INTC)** - Q2 earnings release expected to provide clarity on AI demand impact and foundry business progress. - **$Texas Instruments (TXN)** - Investors will focus on margin guidance and sustainability following the beat-and-raise report. - **$Alphabet (GOOGL)** - Additional details from the earnings call presentation may influence after-hours trading, especially around cloud growth and capex plans. - **$ServiceNow (NOW)** - Further insights into AI-driven demand and margin outlook will be key for investors. - **$IBM** - Market will digest management's updated revenue guidance and AI infrastructure strategy. ## Tomorrow's Calendar Key events scheduled for tomorrow: - **American Airlines (AAL) Q2 Earnings** - Time: Thursday - Watch for management commentary on capacity, fuel costs, and demand trends amid ongoing airline sector volatility. - **Initial Jobless Claims** - Time: Thursday morning - Watch for labor market signals that could influence Fed policy expectations. ## This Week Ahead Other catalysts coming this week: - Thursday: American Airlines Q2 earnings report. - Friday: SpaceX plans Starship launch, which could have implications for the aerospace sector and related stocks. ## Highest Conviction Setup Based on today's action and upcoming catalysts: - Stock: **$Alphabet (GOOGL)** - Catalyst: Strong Q2 earnings beat driven by cloud growth and AI infrastructure spending, despite market concerns over capex. - Thesis: Alphabet remains a leader in AI cloud infrastructure with robust revenue growth; the current capex surge is an investment phase that should fuel long-term dominance and free cash flow generation once efficiency gains materialize. The upcoming earnings call and market reaction to capex guidance will be pivotal for near-term price action. --- In summary, the market digested a mixed bag of earnings with tech and energy sectors showing strength amid AI-driven demand and energy supply concerns. Alphabet's strong cloud growth and AI investment set the tone, while Tesla's margin challenges highlighted the risks in the EV space. Investors will watch closely for American Airlines' report tomorrow and the evolving geopolitical backdrop that continues to influence energy prices and market sentiment.