Earnings Recap - July 24, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$MXL** - MaxLinear reported Q2 revenue of $168.8 million, beating estimates and raising revenue expectations again due to fast-growing AI business. Despite the premarket dip after a strong year-to-date rally, the company’s outlook remains positive, supported by Needham’s buy rating and $100 price target increase. **$INTC** - Intel posted a strong Q2 with revenue up 25% to $16.13 billion, driven by robust data center growth and AI demand. The beat and raised guidance have fueled optimism, with KeyBanc reiterating its sector weight rating and BofA noting the rich valuation may still be justified. **$BFH** - Bread Financial beat Q2 earnings by $0.04 per share and topped revenue estimates, reflecting solid operational performance. **$RHI** - Robert Half delivered earnings beat and revenue above estimates, supporting its stock despite premarket weakness. **$BLK** - Blackstone’s strong Q2 results led RBC Capital to raise its stock price target, signaling confidence in the alternative asset manager’s earnings power. **$LAMB** - Lamb Weston Holdings beat earnings by $0.25 and topped revenue estimates, highlighting pricing power and operational efficiency. **$TEN** - Tenet Healthcare beat earnings by $1.86 and revenue estimates, showing strength in healthcare services. **$HPT** - Hospitality Properties Trust reported earnings beat and revenue above expectations, benefiting from margin gains. ### Misses & Negative Reactions **$DECK** - Deckers Outdoor reported Q1 results that disappointed, leading to a fall in shares during premarket trading. The company faces margin pressures and cautious guidance, with KeyBanc maintaining a sector weight rating but shares reacting negatively. **$SMMT** - Summit Therapeutics missed earnings expectations, causing shares to decline. Margin compression and revenue shortfalls weighed on sentiment. **$MPS** - Mphasis reported a Q1 earnings miss despite AI-driven pipeline growth, resulting in a share price decline. **$GRAF** - GrafTech missed earnings by $0.06 and revenue fell short, pressuring the stock. **$BWMX** - Betterware de México posted a modest beat but cut guidance, leading to mixed investor reaction. **$ACI** - Albertsons missed earnings estimates, with revenue falling short, pressuring the stock. **$OVV** - Ovintiv missed earnings by $0.56 despite topping revenue estimates, reflecting operational challenges. **$CMCSA** - Comcast’s Q2 earnings call transcript reveals mixed results, with data not available for exact figures but shares under pressure. ## Reporting Today Companies expected to report earnings today: - **$AAPL** - Before market open - Watch for Q3 earnings, analyst targets are split but bullish technical setups suggest potential upside. Key metrics include revenue growth and margin trends amid AI investments. - **$META** - After market close - Focus on advertising revenue growth and new product launches, including the impact of its new Seller app on marketplace sales. - **$ORCL** - After market close - Key to watch is the impact of a new Pentagon software deal on revenue and margin expansion. - **$MSFT** - After market close - Investors will scrutinize cloud revenue growth and AI-related spending. - **$GOOG / $GOOGL** - After market close - Despite a record quarter, the stock suffered a massive market value loss. Watch for details on Google Search revenue growth slowdown from 19% to 17% and capex outlook. - **$AMZN** - After market close - Earnings due July 30; watch for spending outlook as other companies have indicated increased expenditures. ## Earnings Themes - **Revenue Trends:** AI-related demand continues to drive revenue growth for semiconductor and software companies such as Intel and MaxLinear. However, some tech giants like Alphabet show signs of slowing growth in core areas like search advertising. - **Margin Pressures or Expansion:** Margin expansion is evident in companies like Lamb Weston and Tenet Healthcare, while Deckers Outdoor and Summit Therapeutics face margin compression. Operational efficiency and pricing power remain key differentiators. - **Guidance Sentiment:** Mixed signals with some companies raising guidance (CN Railway, Blackstone) while others cut or caution (Deckers Outdoor, Betterware de México). The overall tone suggests cautious optimism amid macroeconomic and geopolitical uncertainties. ## Earnings Trade Ideas 1. **MaxLinear ($MXL)**: Despite a recent pullback, MaxLinear’s strong Q2 beat and raised revenue guidance driven by AI demand make it an attractive growth play. The recent Needham upgrade and $100 price target reinforce the bullish case for investors seeking exposure to semiconductor AI tailwinds. 2. **Intel ($INTC)**: Intel’s robust Q2 revenue growth of 25% and positive guidance on data center and AI segments suggest a turnaround story. With supportive analyst ratings and a rich valuation justified by execution gains, Intel could be a compelling buy ahead of continued AI-driven demand. --- This morning’s earnings landscape highlights the ongoing AI-driven growth in technology sectors, tempered by pockets of margin pressure and cautious guidance. Market participants should focus on major tech reports from Apple, Meta, Microsoft, and Alphabet today, as these will set the tone for the broader market’s reaction to the evolving tech earnings cycle.