Earnings Recap - February 28, 2026 (Morning)

 ## Overnight Earnings Movers Companies that reported after yesterday's close or before today's open: ### Beats & Positive Reactions **$DELL** - Dell Technologies delivered a strong earnings beat, driving its shares up 21.53% to $147.60. The market responded positively to the blowout results and a dividend hike, signaling robust demand and operational strength in its core business segments. **$FIGS** - FIGS soared 23.50% to $15.40 after reporting earnings that exceeded expectations, reaching a four-year high. The strong performance reflects growing consumer demand in the medical apparel sector and positive analyst sentiment. **$EBAY** - eBay shares rose 3.27% to $90.77 following better-than-expected earnings. The company’s ability to sustain revenue growth and operational efficiency amid a challenging retail environment is driving investor confidence. **$APA** - APA Corporation gained 4.57% to $30.43 on upbeat earnings, benefiting from higher commodity prices and improved operational metrics in its energy exploration and production segments. **$AMT** - American Tower rallied 3.70% to $191.86, reflecting solid earnings and positive outlook for its communications infrastructure business amid ongoing demand for wireless network expansion. **$GILD** - Gilead Sciences climbed 3.46% to $148.74 after reporting strong quarterly results, supported by robust sales in its antiviral and oncology portfolios. **$MDLZ** - Mondelez International increased 2.72% to $61.57, buoyed by solid revenue growth and margin expansion in its snacking business. **$CF** - CF Industries rose 2.45% to $99.54 on better-than-expected earnings, driven by strong fertilizer demand and favorable pricing. **$TWN** - Taiwan Fund Inc. jumped 4.08% to $66.55, reflecting positive market sentiment around Taiwan's tech sector and improving economic outlook. **$NFLX** - Netflix surged 12.98% to $95.57 despite broader tech weakness, as investors responded to its earnings beat and optimistic subscriber growth guidance. ### Misses & Negative Reactions **$DNA** - Ginkgo Bioworks plunged 31.41% to $6.66 following a significant earnings miss and downward revision of growth expectations, raising concerns about its biotech platform scalability. **$BMNR** - Bitmine Immersion Technologies fell 7.14% to $18.98 after missing earnings estimates, highlighting ongoing challenges in the crypto mining hardware sector. **$LPTH** - LightPath Technologies dropped 7.45% to $10.31 due to weaker-than-expected results and cautious guidance, reflecting competitive pressures in optical components. **$U** - Unity Software declined 7.35% to $18.14 amid disappointing earnings and increased margin pressure in its gaming and real-time 3D platform business. **$KTOS** - Kratos Defense & Security Solutions slipped 5.60% to $86.98 despite reporting earnings, as concerns linger over defense spending and contract timing. **$CORZ** - Core Scientific dropped 5.17% to $17.05 on earnings miss and ongoing uncertainty in the blockchain infrastructure market. **$ODD** - Oddity Tech declined 15.73% to $11.60 despite a bullish case, as investors remain cautious about its near-term growth prospects. **$WFC** - Wells Fargo fell 5.80% to $81.29 following earnings that disappointed relative to expectations, compounded by broader banking sector selloff amid AI-related economic concerns. **$RJF** - Raymond James Financial declined 4.13% to $153.08 after a mixed earnings report and cautious outlook on wealth management revenue growth. **$NHI** - National Health Investors dropped 4.12% to $84.07 despite a bullish thesis, reflecting investor concerns over healthcare real estate fundamentals. ## Reporting Today Companies expected to report earnings today: - **$SQM** (Sociedad Quimica Y Minera de Chile S.A. ADR) - After market close - Watch for EPS of $0.64 versus estimate of $0.7972 and revenue of $1.324B versus $1.254B expected. The company faces a notable EPS miss of 19.7%, but revenue beat suggests demand strength in specialty chemicals, particularly lithium for EV batteries. - **$BJ** (BJ’s Wholesale Club Holdings, Inc.) - data not available on timing or estimates, but market commentary suggests a bullish outlook. - **$CME** (CME Group Inc.) - data not available on timing or estimates, but bullish sentiment noted. - **$CP** (Canadian Pacific Kansas City Limited) - data not available on timing or estimates, with positive analyst views. - **$ICE** (Intercontinental Exchange, Inc.) - data not available on timing or estimates, with a bull case theory. - **$KTOS** (Kratos Defense & Security Solutions, Inc.) - data not available on timing or estimates, though shares fell post-earnings. - **$OLN** (Olin Corporation) - data not available on timing or estimates, but shares gained 4.56% on bullish views. - **$APA** (APA Corporation) - data not available on timing or estimates, but shares rallied on earnings beat. - **$VVX** (V2X, Inc.) - data not available on timing or estimates, with a bullish case. - **$BRO** (Brown & Brown, Inc.) - data not available on timing or estimates, with a positive analyst upgrade. - **$MGM** (MGM Resorts International) - data not available on timing or estimates, but a bullish case is noted. - **$NHI** (National Health Investors, Inc.) - data not available on timing or estimates, though shares declined despite positive thesis. - **$ODD** (Oddity Tech Ltd.) - data not available on timing or estimates, shares fell despite a bull case. - **$CDNS** (Cadence Design Systems, Inc.) - data not available on timing or estimates, with bullish analyst commentary. - **$GLOB** (Globant S.A.) - data not available on timing or estimates, with positive sentiment. - **$ICHR** (Ichor Holdings, Ltd.) - data not available on timing or estimates, with a bull case. - **$INVA** (Innoviva, Inc.) - data not available on timing or estimates, shares down despite bullish views. - **$LMAT** (LeMaitre Vascular, Inc.) - data not available on timing or estimates, with a bullish case. - **$MCHP** (Microchip Technology Incorporated) - data not available on timing or estimates, with bullish sentiment. - **$MDLZ** (Mondelez International, Inc.) - data not available on timing or estimates, shares up on strong results. - **$PB** (Prosperity Bancshares, Inc.) - data not available on timing or estimates, with a bullish case. - **$TWLO** (Twilio Inc.) - data not available on timing or estimates, with a bullish case. - **$BRO** (Brown & Brown, Inc.) - data not available on timing or estimates, with a recent upgrade. - **$NYT** (The New York Times Company) - data not available on timing or estimates, with bullish commentary. - **$IT** (Gartner, Inc.) - data not available on timing or estimates, with a bull case. - **$SMPL** (The Simply Good Foods Company) - data not available on timing or estimates, with bullish views. - **$VSCO** (Victoria’s Secret & Co.) - data not available on timing or estimates, with a bullish case. - **$WMT** (Walmart) - data not available on timing or estimates, shares up 2.68% on strong performance. - **$XPER** (Xperi Inc.) - data not available on timing or estimates, shares up 5.54% on bullish sentiment. ## Earnings Themes - Revenue trends continue to show strength in specialty chemicals (e.g., SQM), energy (APA), and technology infrastructure (AMT, CDNS). Despite some misses, revenue beats are common, indicating resilient demand in key sectors. - Margin pressures are evident in certain tech and biotech names (e.g., Unity, Ginkgo Bioworks) where increased costs and competitive dynamics weigh on profitability. Conversely, companies like Mondelez and CF Industries demonstrate margin expansion. - Guidance sentiment is mixed but leans cautiously optimistic in industrials and consumer staples, while financials and tech face headwinds from AI-related market anxieties and banking sector stress. Several companies have raised dividends or share buyback plans, signaling confidence. - The banking sector remains under pressure with Wells Fargo and Raymond James reporting disappointing results amid broader sector selloffs linked to AI disruption fears. - Defensive sectors such as healthcare REITs (NHI) and insurance (BRO) show mixed investor reactions despite positive analyst outlooks, reflecting market caution. ## Earnings Trade Ideas 1. **$DELL** - The strong earnings beat and dividend hike position Dell as a compelling play on enterprise IT spending recovery and AI infrastructure demand. The 21.53% post-earnings rally suggests momentum that could continue if guidance remains positive. 2. **$FIGS** - With a 23.50% surge to a four-year high, FIGS is a standout in consumer discretionary focused on medical apparel. The company’s ability to exceed expectations amid macro uncertainty makes it an attractive earnings momentum trade. 3. Watch **$SQM** after hours for a potential rebound despite the EPS miss. The revenue beat and strong lithium demand underpin a positive long-term outlook in the EV supply chain, offering a tactical entry point on any post-report weakness. 4. Avoid or short **$DNA** given the steep 31.41% drop on earnings miss and ongoing execution concerns in the biotech space, which may face further volatility. This morning’s earnings landscape highlights a bifurcated market with clear winners in tech infrastructure, specialty chemicals, and consumer staples, while biotech and banking remain challenged amid AI-driven market rotations and geopolitical uncertainties.