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Sector Update: Consumer

Consumer stocks edged up late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each fractionally higher.In corporate news, Rivian Automotive (RIVN) laid off hundreds of employees, or under 2% of its workforce, Tuesday, the Wall Street Journal reported, citing a company spokesperson. The layoffs affected workers in the electric-vehicle maker's service and customer organization, the report said. Rivian shares fell 4.3%.

Gildan Activewear Used Channel Stuffing to Inflate Growth, Jehoshaphat Research Says

Gildan Activewear (GIL) has used channel stuffing to portray stronger revenue growth, with the pulling forward of sales allegedly cannibalizing future demand and inflating the company's overall growth trajectory, Jehoshaphat Research said Tuesday.The research firm estimates that, as a result of these practices, distributors and customers are currently "stuffed" with excessive inventory valued at about $510 million as of Q1.Jehoshaphat Research said Gildan's revenues would have declined over the past three years absent what it described as heavy channel stuffing, adding that Street expectations underestimate the level of acceleration required for the business to sustain 5% annual growth.The report also said that four interviewed sources described instances of Gildan "asking for help" or even "compelling" customers to pull forward sales at quarter-end, including through extended payment terms and other incentives.Gildan Activewear said Tuesday it is aware of a short seller report and reiterated that its current disclosures provide investors with accurate and comprehensive information regarding its financial results and governance practices. The company also reiterated its fiscal 2026 guidance.Shares of Gildan Activewear were down nearly 19% in Tuesday trading.Price: $50.34, Change: $-11.63, Percent Change: -18.77%

RBB Bancorp Shares Rise After Upgrade From Hovde

RBB Bancorp (RBB) shares were up more than 3% in Tuesday trading after Hovde upgraded the company's stock to outperform from market perform and raised its price target to $29 from $23.Trading volume stood at over 288,000 shares against a daily average of 98,236.Price: $25.90, Change: $+0.90, Percent Change: +3.60%

Alphabet's Google Rolls Out Android 17 to Pixel Devices

Alphabet's (GOOG, GOOGL) Google unit said Tuesday it started releasing the Android 17 operating system to Pixel devices, with a broader rollout to other eligible smartphones planned throughout the year.The company will introduce Gemini Intelligence to select advanced devices later this summer and has added a Bubbles feature to allow users to convert applications into floating windows for improved multitasking, it added.The update includes a Screen Reactions tool for simultaneous screen and selfie camera recording, alongside a foldable gaming mode that optimizes screen layouts to support high-definition gameplay, the company said.The software upgrade introduces temporary location access, specific contact sharing, and an improved biometric lock feature to restrict unauthorized access, Google added.The system also establishes application memory limits to optimize overall device performance and battery life, Google said.Price: $370.97, Change: $+3.86, Percent Change: +1.05%

CAMP4 Therapeutics Shares Rise After JPMorgan Upgrade

CAMP4 Therapeutics (CAMP) shares were up over 10% in Tuesday trading after JPMorgan upgraded the stock to overweight from neutral and raised its price target to $9 from $5.Trading volume stood at more than 788,000 shares, compared with a daily average of about 85,000.Price: $4.38, Change: $+0.42, Percent Change: +10.61%

Sasol Shares Fall After JPMorgan Downgrade

Sasol (SSL) shares fell 3.3% in Tuesday afternoon trading after JPMorgan downgraded the stock to neutral from overweight.Trading volume stood at over 1.1 million shares, compared with a daily average of nearly 2 million.Price: $11.01, Change: $-0.38, Percent Change: -3.34%

CarMax Likely to Post 'Flat' Q1 Comparable Sales, Truist Says

CarMax (KMX) is expected to report "flat" Q1 comparable used-vehicle sales, up from prior forecast for a 3% decline, Truist Securities said in a Tuesday note.The brokerage said flat comps would imply an acceleration on a two-year basis to 8% from about 3%, though that remains "far shy" of the roughly 30% growth rate being posted by Carvana (CVNA).Truist raised its Q1 earnings estimate to $1.06 per share from $1.03 but said investors are still trying to assess "how much [gross profit per unit] they had to give up" to generate the improved sales trend.CarMax is scheduled to report results before the market opens Wednesday.Truist raised its price target to $47 from $37 and maintained a hold rating.Price: $52.63, Change: $+0.41, Percent Change: +0.79%

Capital One Launches Databolt Connect for Secure Data Collaboration in Databricks

Capital One Financial (COF) said Tuesday its unit Capital One Software is introducing Databolt Connect, an application enabling secure, multi-party data collaboration within Databricks without exposing sensitive underlying data.Available on the Databricks Marketplace, the tool allows organizations to link and analyze datasets using encrypted tokens, meaning raw data never leaves user's own environment, the company said.Price: $200.57, Change: $+5.95, Percent Change: +3.06%

Calix, SC Expand Partnership

Calix (CALX) said Tuesday SC, formerly SCTelcom, is deploying Calix Agent Workforce Cloud on the AI-native Calix One platform, expanding their partnership.SC can accelerate growth via a more personalized subscriber engagement, improved segmentation and targeting with agentic workflows on Calix One, the company said.Price: $38.41, Change: $+0.08, Percent Change: +0.21%

Wyndham Hotels & Resorts Showing Measurable AI Returns, Truist Says

Wyndham Hotels & Resorts (WH) is delivering some of the clearest near-term, measurable returns on artificial intelligence investment in the lodging sector, Truist Securities said Tuesday in a note, following an expert webinar with the company's commercial leadership.Analysts said Wyndham's results stem less from superior AI models and more from years of foundational work which may prove difficult for peers to replicate quickly, like nearly $500 million invested since 2018 in cloud migration, system consolidation, and data infrastructure.Wyndham's AI tools are driving gains on both revenue and cost fronts, with its voice agent system live at 1,300 properties optimizing booking values, while efficiency improvements in call handling are generating meaningful savings at scale, the note said.Truist maintained its buy rating and $107 price target on Wyndham shares.Price: $82.26, Change: $+0.91, Percent Change: +1.12%

Hamilton Lane Shares Rise After Director Buys Shares Worth $1.1 Million

Hamilton Lane (HLNE) shares were up 5.8% in afternoon trading on Tuesday after Director David Berkman executed a purchase of 15,000 of the company's shares for $1.1 million.Trading volume stood at over 414,000 shares against a daily average of about 895,000.Price: $86.76, Change: $+4.77, Percent Change: +5.82%

Deutsche Bank Raises Robinhood Markets Price Target to $105 From $98, Maintains Buy Rating

Robinhood Markets (HOOD) has an average rating of overweight and mean price target of $102.91, 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://www..com/contact-us)Price: $96.53, Change: $-1.60, Percent Change: -1.63%

Top Midday Decliners

Sanuwave Health's (SNWV) Q2 revenue is expected to be in the range of $8.5 million to $9.5 million, below the guidance the company provided in its Q1 earnings call on May 13, according to a statement Tuesday.Shares sank 42% amid a surge in intraday trading volume to over 779,000 from a daily average of about 91,000.TD Cowen downgraded Domo's (DOMO) shares to hold from buy while adjusting its price target to $3.25 from $6.This comes as Domo reported a narrower fiscal Q1 non-GAAP loss late Monday amid a year-over-year decline in revenue. Sales were also slightly shy of market expectations.Shares plummeted 39% as intraday trading volume climbed to more than 12.4 million, versus a daily average of about 1.14 million.Olin (OLN) and Huntsman (HUN) on Tuesday said they agreed to merge in an all-stock deal to create a larger North American chemicals company with more than $12 billion in annual revenue.Shares of Huntsman dropped 16%, with intraday trading volume rising to more than 19.3 million from the stock's daily average of about 5.21 million.Price: $8.47, Change: $-6.20, Percent Change: -42.26%

$DOMO$HUN$OLN$SNWV

Qualcomm, Google Collaborate With XREAL on XR Glasses Launch

Qualcomm (QCOM) and Alphabet's (GOOG, GOOGL) Google unit have collaborated with XREAL for the launch of XREAL Aura, spatial computing glasses, XREAL said Tuesday.The optical see-through glasses use the Android XR platform and Qualcomm's Snapdragon Reality Elite chip to support immersive mixed reality applications.The company said it expects an initial hardware launch this fall across the US, UK, Japan, Canada, and South Korea.Price: $219.87, Change: $-0.94, Percent Change: -0.43%

$GOOG$GOOGL$QCOM

Snap Introduces Specs, Its $2,195 Augmented-Reality Glasses

Snap (SNAP) introduced Specs, a $2,195 pair of see-through augmented-reality glasses available for preorder and shipping this fall in the US, UK and France.The glasses bring apps, tools and AI assistance into a user's field of view, using Snap's custom display and two onboard processors to handle computer vision and AR effects, the company said Tuesday in a statement.Snap also announced new tools to help developers build for the platform, including features in its Lens Studio that simplify creating, testing and publishing AR content.Snap also introduced Commerce Kit, which will enable purchases and subscriptions inside AR features.Price: $5.50, Change: $-0.22, Percent Change: -3.77%

Top Midday Gainers

Space Exploration Technologies (SPCX) has agreed to acquire Anysphere, which operates artificial intelligence coding agent Cursor, in a deal valued at about $60 billion.Shares jumped 10% intraday, boosting its market value above that of Amazon (AMZN). More than 240 million shares traded intraday, compared with a daily average of about 384.9 million.CervoMed (CRVO) shares soared 115% after the company reported to the Securities and Exchange Commission an insider stock purchase worth $3 million late Monday.Over 174.2 million shares traded intraday versus a daily average of roughly 118,000.Netflix (NFLX) is one of several media companies interested in acquiring Lionsgate Studios (LION), Semafor reported Tuesday, citing a person familiar with the matter.Shares of Lionsgate rose 10% as intraday trading volume grew to over 10.4 million from a daily average of about 3.3 million.Price: $211.93, Change: $+19.43, Percent Change: +10.09%

$CRVO$LION$NFLX$SPCX

Blend Labs Broadens MeridianLink Partnership to Improve Loan Processing

Blend Labs (BLND) said Tuesday it expanded its partnership with MeridianLink to help lenders more efficiently and securely share data between the companies' platforms during the loan origination process.Financial details weren't provided.Blend said the partnership now covers mortgage, home equity loans, lines of credit, and consumer lending, including personal loans, credit cards, direct auto loans and specialty vehicle financing.Shares of Blend were up more than 5% in Tuesday trading.Price: $1.77, Change: $+0.09, Percent Change: +5.06%

Sector Update: Tech Stocks Fall Tuesday Afternoon

Tech stocks were lower Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.8% and the State Street SPDR S&P Semiconductor ETF (XSD) down 3.4%.The Philadelphia Semiconductor index declined 3.4%.In corporate news, Marvell Technology (MRVL) shares fell 5.3% in Tuesday trading, a day after outgoing CFO Willem Meintjes filed to sell 211,329 shares, according to Form 144 filings with the US Securities and Exchange Commission.Space Exploration Technologies (SPCX) has agreed to acquire Anysphere, which operates AI coding agent Cursor, in a deal worth about $60 billion, just days after the rocket and satellite company went public. SpaceX shares jumped past 10%.Palantir (PLTR) is facing scrutiny after data showed most UK National Health Service platform gains occurred in just a few hospital trusts, the Financial Times reported, citing data obtained by the campaign group Foxglove through a freedom-of-information request. Palantir shares were falling 2.8%.Simulations Plus (SLP) has agreed to be acquired by affiliates of Altaris in an all-cash deal valued at $375 million, the company said Tuesday. Simulations Plus shares surged 11%.

$MRVL$PLTR$SLP$SPCX

Lockheed, GM Defense to Collaborate to Boost US Defense, Manufacturing Industrial Base

Lockheed Martin (LMT) and General Motors (GM) Defense said Tuesday they reached a memorandum of understanding under which the companies will look to enhance the US' defense industrial base, facilitated by the US Department of Defense.Working under a memorandum of understanding, Lockheed and GM Defense will focus on strengthening defense supply chains, advancing design and manufacturing capabilities and exploring opportunities to expand production capacity, the companies said.Price: $535.85, Change: $+5.49, Percent Change: +1.04%

Lockheed, GM Defense to Collaborate to Boost US Defense, Manufacturing Industrial Base

Lockheed, GM Defense to Collaborate to Boost US Defense, Manufacturing Industrial Base