Earnings Recap - July 31, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$AGCO** - AGCO reported Q2 2026 earnings with strong performance, prompting Truist Securities to reiterate a Buy rating, although they lowered the price target to $135. The company’s solid execution in a challenging macro environment supports confidence in its outlook. **$GATES** - Gates Industrial shares jumped 4% after beating estimates and raising guidance, signaling robust demand and operational strength. **$RBC** - RBC Bearings beat earnings by $0.47 and topped revenue estimates, reflecting strong industrial demand and operational efficiency. **$IES** - IES Holdings beat EPS by $2.19 and revenue estimates, driven by strong data center demand, which is a positive sign for the tech infrastructure sector. **$EATON** - Eaton reported earnings beat by $0.08 with revenue topping estimates, suggesting resilience in industrial markets. **$BRKS** - Brooks Automation’s earnings beat and raised guidance, benefiting from semiconductor industry tailwinds. **$BMY** - Bristol-Myers Squibb beat expectations, supported by strong pharmaceutical sales and pipeline progress. **$SYK** - Stryker reported solid Q2 results, beating estimates and demonstrating strength in medical technology. **$HSY** - Hershey showed a big margin comeback and beat earnings, though it noted a tougher competitive landscape. **$CLX** - Clorox beat estimates with strong organic growth, helping to offset inflationary pressures. **$CDNA** - CareDx beat earnings estimates, reflecting improving fundamentals in the transplant diagnostics market. **$SPSC** - SPS Commerce beat EPS by $0.18 and topped revenue estimates, benefiting from supply chain digitization trends. **$MPWR** - Monolithic Power Systems beat Q2 estimates, supported by strong demand for power management chips. **$DXCM** - DexCom beat Q2 earnings and revenue estimates, driven by growth in continuous glucose monitoring devices. **$AMZN** - Amazon reported strong Q2 earnings with significant AWS growth, lifting the stock by 12% in after-hours trading. ### Misses & Negative Reactions **$COIN** - Coinbase Global shares sank after Q2 revenue fell short of estimates, despite some analyst buy ratings remaining. The weak crypto trading volumes continue to pressure the stock. **$AAPL** - Apple shares dropped 7.4% despite beating analyst estimates for Q3 earnings. Supply chain issues and a cautious forecast from CEO Tim Cook weighed on sentiment. **$UMG** - Universal Music shares sank 23% as subscription growth slowed, raising concerns about future revenue momentum. **$NVO** - Novo Nordisk shares tumbled 10% after a key heart medicine trial missed its goal, impacting growth expectations. **$EXXON** - ExxonMobil posted a slight earnings miss as repairs weighed on refining results, leading to a share slide despite strong sector fundamentals. **$BLK** - Blackstone Mortgage Trust was downgraded after a Q2 miss, although loan growth and performance impressed. **$BXMT** - Blackstone Mortgage Trust also saw negative reaction after missing Q2 earnings. **$AAPL** - Apple was downgraded by some analysts post-earnings due to valuation concerns despite strong results. **$GOOGL** - Data not available for overnight but noted as a key upcoming report. ## Reporting Today Companies expected to report earnings today: - **$SNDR** - After market - Key metrics to watch include Q2 revenue and margin trends amid a challenging freight environment. Susquehanna maintains Neutral rating with a lowered price target to $36. - **$AGCO** - After market - Watch for further commentary on FY26 outlook and macro risks following Truist’s reiteration of Buy but with a lower price target. - **$COHU** - After market - Industrial demand and HPC segment performance will be key. - **$VCLT** - After market - Earnings and guidance amid energy market volatility. - **$SYK** - After market - Continued margin expansion and growth drivers in medical tech. - **$GDDY** - After market - Bookings growth and margin outlook. - **$MYGN** - After market - Revenue growth and pipeline updates. - **$PN** - After market - Operational performance and guidance. - **$RDDT** - After market - User growth and monetization trends. - **$VCYT** - After market - Revenue growth and margin expansion. - **$WDAY** - After market - Subscription growth and margin outlook. - **$WU** - After market - Cross-border payment volumes and FX trends. - **$FLGT** - After market - Revenue and margin performance. Light earnings calendar today outside these names. ## Earnings Themes - **Revenue Trends:** Many industrial and tech companies continue to show solid top-line growth, driven by AI, cloud, and semiconductor demand (e.g., Amazon, IES, MPWR). However, some consumer and crypto-related firms face revenue headwinds (Coinbase, Universal Music). - **Margin Pressures or Expansion:** Margin expansion is evident in industrials like Clariant and Stryker, as well as tech infrastructure players. Conversely, companies like Apple and Hershey face margin pressure due to supply chain issues and competitive environments. - **Guidance Sentiment:** Mixed signals with some companies raising guidance (Gates Industrial, Amazon) while others are cautious or lowering targets due to macro risks and supply chain constraints (Apple, AGCO). ## Earnings Trade Ideas 1. **Long Industrial Tech Exposure:** With companies like Gates Industrial, IES Holdings, and Eaton beating estimates and raising guidance, investors might consider exposure to industrial tech stocks benefiting from robust demand and margin expansion. 2. **Cautious on Crypto and Consumer Tech:** Given Coinbase’s revenue miss and Apple’s cautious supply chain outlook despite earnings beat, traders should be selective in crypto and consumer tech sectors, watching for further guidance and market reaction. Overall, the earnings season continues to highlight the bifurcation between growth driven by AI and cloud infrastructure versus challenges in consumer tech and crypto markets.