Earnings Recap - July 26, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions No notable beats overnight. ### Misses & Negative Reactions No notable misses overnight. ## Reporting Today Companies expected to report earnings today: - **$AAPL** - After market open - Watch for EPS and revenue amid record stock highs and optimism ahead of Tim Cook's final earnings call. Investors will focus on Apple's foldable ambitions and guidance for future quarters. - **$MSFT** - After market open - Key metrics include cloud revenue growth and AI-related product sales. Market expects strong results given recent analyst optimism. - **$AMZN** - After market open - Earnings closely watched for revenue trends and margin pressures, especially given the 34% average price target upside from Wall Street. - **$META** - After market open - Investors will focus on ad revenue growth and AI investment impact on margins. - **$KLA** - After market open - Expected to report with significant implied volatility; watch for semiconductor equipment demand and margin commentary. - **$BE** (Bloom Energy) - After market open - Another high-volatility report; focus on revenue growth and profitability outlook in clean energy sector. - **$KLAC** - After market open - Semiconductor equipment demand and capital expenditure trends will be key. - **$FTNT** - Before market open - Cybersecurity revenue growth and margin trends to watch. - **$LRCX** - After market open - Semiconductor equipment sales and guidance for chip capex spending will be critical. - **$QCOM** - After market open - Watch for chipset revenue and 5G adoption trends. - **$STX** - After market open - Storage demand and margin trends will be key. - **$V** - After market open - Payment volume growth and margin trends to monitor. - **$XOM** - After market open - Energy price environment and production growth will be focal points. ## Earnings Themes - Revenue Trends: Many tech giants like Apple, Microsoft, Amazon, and Meta are expected to report continued revenue growth driven by AI adoption, cloud services, and consumer demand. However, semiconductor equipment companies such as KLA, Lam Research, and Applied Materials face scrutiny on demand sustainability amid mixed signals in chip capex cycles. - Margin Pressures or Expansion: Margin trends will be closely watched, especially for companies investing heavily in AI and infrastructure. Amazon and Meta may show margin compression due to increased spending, while payment processors like Visa could demonstrate margin expansion from higher transaction volumes. - Guidance Sentiment: Market participants will focus on guidance tone. Recent quarters have seen a mix of cautious and optimistic outlooks. Apple’s leadership transition and foldable device ambitions add uncertainty. Semiconductor equipment firms may provide more cautious guidance reflecting industry cyclicality. ## Earnings Trade Ideas 1. **$AAPL**: Given the stock’s record highs and strong market expectations, a positive earnings surprise or upbeat guidance on foldable device development could propel shares higher. Options traders should consider volatility plays ahead of the report, especially given the leadership transition. 2. **$KLA**: With double-digit implied moves expected, KLA presents a trading opportunity around semiconductor capex trends. A beat on revenue or margin expansion could trigger a sharp rally, while cautious guidance might weigh on the stock. Traders should monitor the report closely for signals on the chip equipment cycle.