Catalyst Calendar - July 23, 2026 (EOD)

 ## Today's Catalyst Results How did scheduled events play out? - **Alphabet (GOOG, GOOGL) Q2 Earnings** - Result: Reported strong revenue growth but shocked markets with a massive $205 billion capex guidance for AI infrastructure, ending a 33-quarter buyback streak. Market reaction: Shares fell over 6%, reflecting investor concerns about the impact of heavy AI spending on free cash flow and shareholder returns. UBS lowered its price target to $379, while Bank of America viewed the selloff as a buying opportunity. - **Snap-on (SNA) Q2 Earnings** - Result: Beat estimates supported by organic growth, acquisitions, and stronger gross margins. Market reaction: Stock gained on the positive earnings surprise. - **Intel (INTC) Q2 Earnings** - Result: Reported fastest sales growth in nearly 15 years with a beat on sales and profit forecasts, boosted by AI demand. Market reaction: Shares rebounded strongly after hours, though some analysts caution about valuation. - **RingCentral (RNG) Q2 Earnings** - Result: Beat estimates with AI driving 13% of annual recurring revenue and margin expansion. Market reaction: Shares rose on the upbeat outlook. - **Columbia Banking (COLB) Q2 Earnings** - Result: Topped EPS forecasts with margin gains and western expansion focus, though shares slipped on a top-line miss. - **Sallie Mae (SLM) Q2 Earnings** - Result: Missed profit expectations and revenue fell short, shares declined. - **Honeywell (HON) Q2 Earnings** - Result: Beat estimates and raised profit forecast, shares rose. - **IMAX (IMAX) Q2 Earnings** - Result: Strong momentum ahead of major film release; CEO indicated readiness to hike prices. Market reaction: Shares surged. - **Albertsons (ACI) Q2 Earnings** - Result: Missed earnings by $0.12 and cut fiscal 2026 sales and profit outlook due to weaker grocery spending. Market reaction: Shares plunged. - **Freeport-McMoRan (FCX) Q2 Earnings** - Result: Beat profit estimates on higher copper prices, revenue topped estimates. Market reaction: Shares gained. - **Lockheed Martin (LMT) Q2 Earnings** - Result: Beat earnings and raised full-year outlook amid defense spending surge. Market reaction: Shares jumped over 10%. - **RTX Corporation (RTX) Q2 Earnings** - Result: Beat estimates and raised guidance with strong defense sector tailwinds. Market reaction: Shares surged 7%. - **Tractor Supply (TSCO) Q2 Earnings** - Result: Sales grew as comps turned negative, earnings beat. - **WEX Inc. (WEX) Q2 Earnings** - Result: Beat estimates, shares rose 5.4%. - **Medpace (MEDP) Q2 Earnings** - Result: Bookings surged 28%, guidance raised. Shares jumped 16%. - **Deutsche Börse (DBOEF) Q2 Earnings** - Result: Broad growth drove guidance upgrade. - **S&T Bancorp (STBA) Q2 Earnings** - Result: Beat estimates with margin improvements. - **Eurazeo SE (EUZOF) Q2 Earnings** - Result: Reported strong growth and investment activity inflection point. Shares jumped. - **Nokia (NOK) Q2 Earnings** - Result: Beat profit estimates on AI infrastructure demand surge, raised full-year profit outlook. Shares rallied. - **Allegion (ALLE) Q2 Earnings** - Result: Surged 8% on strong beat. - **Honeywell Technologies (HON) Q2 Earnings** - Result: Raised 2026 profit forecast post-split. - **Symbotic (SYM) Q2 Earnings** - Result: Fundamentals remain strong despite recent stock drop. - **Quest Diagnostics (DGX) Q2 Earnings** - Result: Beat estimates, shares surged after Hims- and Oura-related beats. - **Roper Technologies (ROP) Q2 Earnings** - Result: Beat estimates and lifted outlook. - **Banner Corporation (BANR) Q2 Earnings** - Result: Beat estimates. - **Ameriprise Financial (AMP) Q2 Earnings** - Result: Quarterly profit rose on higher fee income. - **First Citizens BancShares (FCNCA) Q2 Earnings** - Result: Beat estimates. - **Huntington Bancshares (HBAN) Q2 Earnings** - Result: Beat estimates. - **United Rentals (URI) Q2 Earnings** - Result: Shares surged on strong results. - **STMicroelectronics (STM) Q2 Earnings** - Result: Beat EPS and revenue estimates but shares fell on soft Q3 sales outlook. - **Dassault Systèmes (DASTY) Q2 Earnings** - Result: Solid growth with AI focus and $1.8B life sciences deal. - **Eli Lilly (LLY)** - Result: Announced plans to file for next-generation obesity drug approval in 2027 after positive phase 3 trials. - **Tesla (TSLA) Q2 Earnings** - Result: Reported record deliveries and $28B quarter, but stock dropped 14% as weak earnings and rising AI spending concerns overshadowed growth. - **Amazon (AMZN)** - Result: Stock slipped below key level amid concerns over AI spending after Alphabet’s capex shock. - **Nvidia (NVDA)** - Result: Despite technical breakout and AI dominance, shares have not rallied as expected post-Alphabet earnings. Market veteran sees plenty of fuel left. - **AMD (AMD)** - Result: Gains after blowout Intel results, CEO says AI servers in full production. - **Meta Platforms (META)** - Result: Expected to report $60 billion Q2 revenue on July 29; stock recovered from 20% drawdown. - **Blackstone (BX)** - Result: Q2 earnings beat on AI investments and record inflows. - **JPMorgan (JPM)** - Result: Earnings growth powered by AI, stock popped into buy zone. - **Goldman Sachs (GS)** - Result: CEO backs Clarity Act despite banking industry concerns. - **Morgan Stanley (MS)** - Result: Doubled down on Schwab after earnings. - **Bank of America (BAC)** - Result: Reiterated Tesla buy rating after Q2 miss. ## Surprise News Today Unexpected developments that moved markets: - **$TSLA** - Tesla stock plunged 14% despite record deliveries and a $28 billion quarter, as weak earnings and rising AI spending concerns overshadowed growth prospects. - **$GOOG** - Alphabet’s massive AI capex plans and negative free cash flow stoked fears about the sustainability of Big Tech’s spending spree, leading to a 6%+ stock drop. - **$NANC** - A Trump DHS official bought the Pelosi-tracking NANC ETF, despite GOP outperforming in 2026, raising questions about political trading strategies. - **$SNA** - Snap-on’s earnings beat driven by acquisitions and margin strength surprised positively in an otherwise cautious industrial sector. - **$COLB** - Columbia Banking shares slipped despite topping EPS forecasts, highlighting investor focus on revenue misses. - **$ACI** - Albertsons stock plunged after cutting 2026 sales and profit outlook, surprising the market with weaker grocery spending trends. - **$IMAX** - CEO’s comments on price hikes ahead of a major film release sparked a notable share price surge. - **$NOK** - Nokia’s strong AI infrastructure demand and raised profit outlook caught investors off guard, pushing shares higher. ## After-Hours Catalysts Earnings and events happening tonight: - **$META** - Meta Platforms expected to report Q2 revenue around $60 billion on July 29; investors will watch for AI investment impact and ad revenue trends. - **$AMZN** - Amazon’s Q2 earnings on July 30 will be closely watched for cloud growth and AI spending updates following Alphabet’s capex shock. - **$SNAP** - Snap-on’s positive Q2 results set a tone for industrials; further earnings calls from related companies may follow. - **$APPF** - AppFolio Q2 earnings call prepared remarks available; watch for SaaS growth and margin trends. - **$MTL** - Mullen Group Q2 earnings call transcript released; investors to assess logistics sector momentum. - **$EUZOF** - Eurazeo SE Q2 earnings call transcript released; focus on investment activity and asset management shifts. - **$DATWY** - Dätwyler Holding AG Q2 earnings call transcript; watch for margin and revenue trends. - **$CYH** - Community Health Systems Q2 earnings call transcript; healthcare sector dynamics in focus. - **$ESQ** - Esquire Financial Holdings Q2 earnings call presentation; watch for litigation growth impact. - **$WCN** - Waste Connections Q2 earnings call transcript; infrastructure and waste management trends. - **$EGP** - EastGroup Properties Q2 earnings call transcript; real estate sector performance. - **$LADR** - Ladder Capital Q2 earnings call transcript; loan growth and credit quality in focus. - **$HZO** - MarineMax Q3 earnings call transcript; watch for marine retail trends. - **$WST** - West Pharmaceutical Q2 earnings call transcript; pharmaceutical supply chain insights. - **$SEIC** - SEI Investments Q2 earnings call transcript; asset management sector updates. - **$EQNR** - Equinor Q2 earnings call transcript; energy sector outlook amid rising oil prices. - **$SAN** - Santander Q2 earnings call transcript; European banking sector trends. - **$TDY** - Teledyne Q2 earnings call transcript; industrial tech performance. - **$BANR** - Banner Corporation Q2 earnings call transcript; regional banking updates. - **$RJF** - Raymond James Financial Q3 earnings call transcript; wealth management sector. - **$DGX** - Quest Diagnostics Q2 earnings call transcript; diagnostics and healthcare trends. - **$ROP** - Roper Technologies Q2 earnings call transcript; industrial tech growth. - **$NTRS** - Northern Trust Q2 earnings call transcript; asset servicing and wealth management. - **$IBM** - IBM Q2 earnings call transcript; AI strategy and software unit outlook. - **$TSLA** - Tesla Q2 earnings call transcript; investors to parse delivery rebound versus AI spending concerns. ## Tomorrow's Calendar Key events scheduled for tomorrow: - **US Initial Jobless Claims** - Time: Not specified - Watch for: Labor market strength signals and implications for Fed rate policy. - **Building Permits, PMI Data, New Home Sales** - Time: Friday - Watch for: Housing market health and economic growth indicators. - **Meta Platforms (META) Q2 Earnings** - Time: July 29 - Watch for: Ad revenue trends, AI investment impact, and guidance. - **Amazon (AMZN) Q2 Earnings** - Time: July 30 - Watch for: AWS growth, AI spending, and margin pressures. - **Tesla (TSLA) Q2 Earnings** - Time: July 28 - Watch for: Delivery numbers, AI spending, and profitability outlook. ## This Week Ahead Other catalysts coming this week: - Thursday: US Initial Jobless Claims data release. - Friday: Building permits, PMI data, and new home sales reports. ## Highest Conviction Setup Based on today's action and upcoming catalysts: - Stock: **$GOOGL** - Catalyst: AI infrastructure spending and cloud backlog growth amid capex shock. - Thesis: Despite the recent selloff triggered by massive AI capex guidance and negative free cash flow, Alphabet’s cloud backlog of $514 billion and strong AI-driven revenue growth position it well for the long-term growth cycle. The selloff represents a buying opportunity as analysts from Bank of America and others highlight the company’s moat and growth potential in AI. Investors should monitor upcoming earnings and capex updates for confirmation.