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Wire

Top Midday Stories: Netflix Q2 Revenue, Q3 Guidance Miss Estimates; SpaceX Aborts Launch, Shares Tumble

All three major US stock indexes were down Friday, as chipmakers led the way down on the final trading day of the week.In company news, Netflix (NFLX) reported fiscal Q2 earnings late Thursday of $0.80 per diluted share, up from $0.72 a year earlier and above the FactSet consensus analyst estimate of $0.79. Fiscal Q2 revenue was $12.56 billion, up from $11.08 billion but below the FactSet consensus of $12.58 billion. For Q3, the company expects EPS of $0.82 on revenue of $12.86 billion. Analysts polled by FactSet expect $0.84 and $13 billion, respectively. For full-year 2026, Netflix expects revenue of $51 billion to $51.4 billion, up from its previous guidance of $50.7 billion to $51.7 billion. Analysts expect $51.38 billion. Netflix shares were down 8.5% around midday.SpaceX's (SPCX) Starship rocket triggered an "automatic launch abort" Thursday, with the launch possibly rescheduled "in a few days," Chief Executive Elon Musk said Thursday on X. SpaceX shares were down 5.3%.Travelers (TRV) reported Q2 core income Friday of $10.04 per diluted share, up from $6.51 a year earlier and above the FactSet consensus of $5.41. Second-quarter revenue was $12.15 billion, up from $12.12 billion a year ago and above the FactSet consensus of $11.26 billion. Travelers shares were up 8.6%.Intuitive Surgical (ISRG) reported fiscal Q2 adjusted earnings late Thursday of $2.80 per diluted share, up from $21.9 a year earlier and above the FactSet consensus of $2.51. Fiscal Q2 revenue was $2.89 billion, up from $2.44 billion a year earlier and above the FactSet consensus of $2.83 billion. Intuitive shares were down 12.5%.Cadence Design Systems (CDNS) and Rapidus will jointly work to advance agentic AI for advanced-node system-on-chip design under a new collaboration, Cadence said late Thursday. The companies will combine Rapidus AI-native design and manufacturing ecosystem for advanced-node semiconductors with Cadence's agentic AI design orchestration technology. Cadence shares were down 10.7%.Price: $68.15, Change: $-6.21, Percent Change: -8.35%

$CDNS$ISRG$NFLX$SPCX$TRV
Travelers Reports Surprise Second-Quarter Earnings Growth; Premiums Beat Estimates
US Markets

Travelers Reports Surprise Second-Quarter Earnings Growth; Premiums Beat Estimates

Travelers' (TRV) second-quarter earnings unexpectedly increased year over year, while the property and casualty insurer's written premiums came in ahead of market estimates.The company on Friday reported adjusted earnings of $10.04 a share for the quarter ended June, up from $6.51 the year before, defying the consensus on FactSet for a decrease to $5.41. Core income benefited from lower catastrophe losses and a higher underlying underwriting gain, among other factors.Net written premiums edged down to $11.53 billion from $11.54 billion, but topped the Street's view for $11.26 billion. Overall revenue ticked up to $12.15 billion from $12.12 billion in the prior-year quarter.Shares of the insurer gained 7.8% in Friday trade. The stock is up 24% year to date."We are pleased to report excellent second quarter results with very strong underwriting performance across all three segments and a terrific result from our investment portfolio," Chief Executive Alan Schnitzer said in a statement.In business insurance, net written premiums increased 3% to $5.98 billion, led by a 7% rise in the company's core middle market segment. Personal insurance premiums fell to $4.31 billion from $4.67 billion, while bond and specialty climbed 14% to $1.24 billion.Catastrophe losses, net of reinsurance, retreated to $518 million from $927 million in the 2025 quarter, the company said. "Our share of the industry's property catastrophe losses over the past decade has been meaningfully lower than our corresponding market share, a direct result of our disciplined risk selection, pricing and exposure management," Schnitzer said during a conference call, according to a FactSet transcript.Price: $365.55, Change: $+27.73, Percent Change: +8.21%

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Sectors

Sector Update: Financial Stocks Lean Lower Pre-Bell Friday

Financial stocks were leaning lower pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.2% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.5% higher.Truist Financial (TFC) stock was down 0.3% even after the company reported higher Q2 earnings and revenue.Travelers (TRV) shares were up more than 1% after the company posted higher Q2 core income and revenue.Fifth Third Bancorp (FITB) stock was down 0.8% after the company reported a decline in Q2 earnings.

$FAS$FAZ$FITB$TFC$TRV$XLF
Stocks Fall Pre-Bell as Chip Sell-Off Continues
US Markets

Stocks Fall Pre-Bell as Chip Sell-Off Continues

The benchmark US stock measures were pointing lower before the open Friday as a sell-off in semiconductor shares continued to weigh on market sentiment.The S&P 500 declined 0.9%, the Dow Jones Industrial Average was off 0.7% and the Nasdaq fell 1.8% in premarket activity. The indexes finished the previous trading session in the red.Shares of tech bellwether and chipmaking giant Nvidia (NVDA) decreased 2.5% pre-bell, while Micron Technology (MU) edged down 0.4% following a 5.7% drop at the close of Thursday. Advanced Micro Devices (AMD) fell 2.7%, while Intel (INTC) moved down 3.3%. SanDisk (SNDK) fell 1.3% before the bell after closing the previous session down 12.6%. Taiwan Semiconductor (TSM) slipped 3.3%.Streaming giant Netflix (NFLX) tanked 9.5% as it reported second-quarter revenue below Wall Street's estimates. Intuitive Surgical (ISRG) slumped 12% as growth of the company's da Vinci robotic surgery system in the US moderated amid changes in Affordable Care Act subsidies.SpaceX (SPCX) declined 2.7% after Chief Executive Elon Musk said in a social media post that a planned Starship test flight was aborted after some engines failed to start.The US Central Command said Thursday its forces completed the latest major wave of strikes against Iran. Tehran reportedly said Friday it expanded its attacks in the Middle East by targeting US military forces in Syria and Bahrain.West Texas Intermediate crude oil rose 2.2% to $80.68 a barrel before the opening bell, while Brent gained 1.9% to $85.84.Treasury yields were trending downwards in premarket action, with the two-year rate retreating 3.4 basis points to 4.12% and the 10-year rate falling 4.4 basis points to 4.53%.Friday's economic calendar has the housing starts and permits data for June at 8:30 am ET, along with the import and export prices report for the same month. The industrial production report for June is out at 9:15 am, followed by the preliminary University of Michigan's consumer sentiment report for July at 10 am.The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.US retail sales edged higher in June despite lower gasoline prices that drove a sharp decline in gas station receipts, official data showed Thursday.Travelers (TRV), Truist Financial (TFC), Fifth Third Bancorp (FITB), Regions Financial (RF) and Autoliv (ALV) are scheduled to release their latest financial results before the bell.Gold ticked up 0.2% to $4,001 per troy ounce, while bitcoin declined 1.8% to $63,024.

Dow JonesNasdaq CompositeS&P 500$ALV$AMD$FITB$INTC$ISRG$MU$NFLX$NVDA$RF$SPCX$TFC$TRV
Research

Morgan Stanley Downgrades Travelers Companies to Underweight From Equalweight, Adjusts Price Target to $290 From $333

Travelers Companies (TRV) has an average rating of hold and mean price target of $331.83, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Research

TD Cowen Downgrades Travelers Companies to Sell From Hold, Price Target is $297

Travelers Companies (TRV) has an average rating of hold and mean price target of $331.58, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TRV
Research

Truist Initiates Travelers at Buy With $395 Price Target

Travelers (TRV) has an average rating of hold and mean price target of $331.58, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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Research

Evercore ISI Downgrades Travelers to In Line From Outperform, Adjusts Price Target to $329 From $321

Travelers (TRV) has an average rating of hold and mean price target of $328.83, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TRV
Wire

Personal Line Carriers Expected to Post Strong Underwriting in 2026, Morgan Stanley Says

Personal line carriers such as Progressive (PGR) and Travelers (TRV) are positioned to report strong, underwriting in 2026 and portions of 2027, before a more meaningful loss ratio deterioration in 2028, Morgan Stanley said in a Wednesday note.Favorable trends from tort reforms and slower physical damage growth are expected to continue through 2026 and 2027 after supporting 2024 and 2025 personal auto insurance losses, the investment firm said.The insurance companies expected to benefit include Allstate (ALL), Hartford Insurance Group (HIG) and Hanover Insurance (THG), according to the note.Inflation and lower pricing should also drive losses for personal auto insurance and extend profitability, the brokerage added. Loss deterioration, however, is likely to be moderate amid better management of social inflation and as earned pricing takes time, Morgan Stanley noted.Morgan Stanley raised its price targets on Travelers to $333 from $330 and to $225 from $220 for Hanover Insurance, with an equal-weight rating for both.Price: $236.34, Change: $+1.94, Percent Change: +0.83%

$ALL$HIG$PGR$THG$TRV
Wire

UBS Adjusts Price Target on Travelers to $350 From $314, Maintains Neutral Rating

Travelers (TRV) has an average rating of hold and mean price target of $324.83, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $342.08, Change: $-1.65, Percent Change: -0.48%

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Research

Keefe, Bruyette & Woods Downgrades Travelers to Market Perform From Outperform, Adjusts Price Target to $356 From $342

Travelers (TRV) has an average rating of hold and mean price target of $324.83, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TRV
Research

Barclays Downgrades Travelers to Underweight From Equalweight, Lowers Price Target to $295 From $331

Travelers (TRV) has an average rating of hold and mean price target of $317.57, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TRV
Research

JPMorgan Upgrades Travelers to Neutral From Underweight, Adjusts PT to $322 From $316

Travelers (TRV) has an average rating of hold and mean price target of $317.57, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TRV
Insider Trading

Travelers Companies Insider Sold Shares Worth $483,670, According to a Recent SEC Filing

William H Heyman, Vice Chairman, on April 28, 2026, sold 1,557 shares in Travelers Companies (TRV) for $483,670. Following the Form 4 filing with the SEC, Heyman has control over a total of 263,819 common shares of the company, with 259,590 shares held directly and 4,229 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/86312/000008631226000120/xslF345X05/form4.xml

$TRV
Wire

TD Cowen Adjusts Price Target on Travelers to $297 From $288, Maintains Hold Rating

Travelers (TRV) has an average rating of hold and mean price target of $316.39, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $303.77, Change: $-6.26, Percent Change: -2.02%

$TRV
Insider Trading

Travelers Companies Insider Sold Shares Worth $869,980, According to a Recent SEC Filing

Diane Kurtzman, Executive Vice President & Chief Human Resources Officer, on April 20, 2026, sold 2,867 shares in Travelers Companies (TRV) for $869,980. Following the Form 4 filing with the SEC, Kurtzman has control over a total of 5,298 common shares of the company, with 5,298 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/86312/000008631226000117/xslF345X05/form4.xml

$TRV
Insider Trading

Travelers Companies Insider Sold Shares Worth $1,956,549, According to a Recent SEC Filing

Jeffrey P. Klenk, Executive Vice President and President, Bond & Specialty Insurance, on April 20, 2026, sold 6,414 shares in Travelers Companies (TRV) for $1,956,549. Following the Form 4 filing with the SEC, Klenk has control over a total of 6,075 common shares of the company, with 6,075 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/86312/000008631226000113/xslF345X05/form4.xml

$TRV
Research

Research Alert: CFRA Maintains Hold Opinion On Shares Of The Travelers Companies, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain our 12-month target price of $315, valuing TRV shares at 11.4x our 2026 operating EPS estimate of $27.74 (raised by $2.09 on April 17) and at 11.2x our 2027 EPS estimate of $28.05 (raised by $0.40). Our target multiples assume TRV shares trade in line with the three-year average forward multiple of 11x and compare to the peer average of 12x. At current levels, we view the shares as fairly valued, versus peer and historical averages. We applaud TRV's risk management skills, and note the turnaround in Q1 underwriting profitability (a $1.17B profits versus a $305M year-ago loss) amid a 66% drop in catastrophes and improved favorable prior-year loss development trends. However, TRV's top-line growth has stalled amid a more competitive pricing environment, and Q1 operating revenues were flat, Y/Y, and net written premiums fell by 2%, Y/Y. We think the top-line erosion removes a catalyst from the shares.

$TRV
Wire

Evercore ISI Raises Price Target on Travelers to $321 From $317, Maintains Outperform Rating

Travelers (TRV) has an average rating of hold and mean price target of $310.78, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $301.64, Change: $+2.80, Percent Change: +0.94%

$TRV
Wire

Wells Fargo Cuts Price Target on Travelers to $295 From $305, Maintains Equalweight Rating

Travelers (TRV) has an average rating of hold and mean price target of $310.78, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $302.81, Change: $+4.13, Percent Change: +1.38%

$TRV

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