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Caterpillar's Risk-Reward Skews Favorably After Recent Stock Pullback, Oppenheimer Says

Caterpillar's (CAT) risk-reward profile is skewing favorably after a stock price pullback due to the recent market rotation, Oppenheimer said in a Wednesday note.Caterpillar is slated to report Q2 financial results on Aug. 4.From being driven mainly by the market beta, the company's stock has shifted to being impacted more by artificial intelligence-related developments, Oppenheimer analysts said. They noted that this contributed to the stock's recent dip, as AI infrastructure trading unwound in recent weeks.Further, Caterpillar's fundamental tailwinds remain strong, with momentum in its Construction and Resource Industries segments being understated in analysts' consensus estimates, according to the note.If investors continue to put the AI premium on the company's stock, the risk-reward profile remains favorable, especially since the Construction and Resource Industries segments look to be underestimated by consensus estimates, the analysts said. On the other hand, if AI premium collapses, the stock would rely more on strong earnings for upside, but still skews favorably due to the recent price pullback, the analysts said.Oppenheimer kept its rating on the company's stock at outperform with a price target of $1,105.Price: $783.45, Change: $-57.40, Percent Change: -6.83%

$CAT

Wire17d ago

Corning's Q3 Outlook Boosted by AI Data-Center Demand, Oppenheimer Says

Corning (GLW) issued Q3 guidance above estimates, supported by strong demand for optical products used in AI data centers, Oppenheimer said Wednesday in a report.On Tuesday, Corning forecast Q3 core sales of $4.9 billion to $5 billion and earnings of $0.85 and $0.89 a share, both above expectations, Oppenheimer said.In Q2, core sales rose 17% to $4.74 billion, above the FactSet consensus of $4.63 billion, while core earnings climbed to $0.78, topping the $0.76 estimate, the report said.Enterprise-network sales jumped 65% as generative-AI-related revenue doubled, while the optical segment posted a record net margin of 21%, Oppenheimer said. Corning expects similar enterprise-network growth in Q3 "as customer demand continues to exceed supply," the report said.Oppenheimer cut its price target to $200 from $230 to reflect "volatility" in AI capital spending and reiterated its outperform rating.Price: $124.12, Change: $-1.90, Percent Change: -1.50%

$GLW

Wire17d ago

James Hardie Industries' Growth Story Driven by Execution, Oppenheimer Says

James Hardie Industries' (JHX) remains a company-specific growth story driven more by execution than broader housing trends, increasing conviction in its long-term earnings power, Oppenheimer said in a note Wednesday.The company's preliminary fiscal Q1 results boosts bull case, with EBITDA about 10% above consensus and fiber cement volume up mid-teens, supporting the view of fiber cement re-emerging as an organic growth story, according to the note.The investment firm said feedback from over 80 dealers and distributors suggest that James Hardie's TimberTech is a logical replacement for Trex within Boise Cascade's (BCC) decking portfolio.Oppenheimer said a broader Boise Cascade rollout would strengthen the rationale for the Azek acquisition and serve as a repeatable blueprint for additional distributor wins.The firm said it continues to view James Hardie as a "beat-and-raise" story, with a path to $1.8 billion in EBITDA in fiscal 2028, supported by market growth, price, volume, and commercial revenue synergies.Oppenheimer kept an outperform rating on James Hardie Industries, with a price target of $32.Price: $26.19, Change: $-0.71, Percent Change: -2.62%

$BCC$JHX

Sectors17d ago

Sector Update: Tech Stocks Fall Wednesday Afternoon

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.2%.The Philadelphia Semiconductor index slumped 3.7%.In corporate news, Vertiv (VRT) shares fell past 16% after the company's Q2 revenue increased year on year but missed analysts' estimates.Taiwan Semiconductor Manufacturing (TSM) and Toyota (TM) were among manufacturers whose operations were disrupted after a powerful earthquake struck Japan's Kumamoto prefecture, Nikkei Asia reported. Taiwan Semiconductor evacuated personnel from its JASM semiconductor plant in Kumamoto after the quake triggered mandatory evacuation procedures, while some construction work at JASM's second fab was temporarily suspended as a precaution, a company spokesperson told Nikkei Asia. Taiwan Semiconductor shares fell 3.3%.Microsoft (MSFT) is facing a probe in the UK over concerns that the company may not have released clear, upfront information on changes to Microsoft 365 personal and family subscription plans, the UK's Competition and Markets Authority said Wednesday. Microsoft shares were up 0.7%.

$MSFT$TSM$VRT

Sectors17d ago

Sector Update: Consumer Stocks Advance Wednesday Afternoon

Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.2%.In corporate news, Ford (F) shares gained 3.7% after the carmaker lifted its full-year core profit outlook, while it also reported an unexpected year-over-year increase in its Q2 earnings and recorded revenue above market estimates.Procter & Gamble's (PG) fiscal Q4 revenue fell short of market estimates, while the consumer goods giant said higher costs could weigh on its fiscal 2027 earnings. Shares fell 2.5%.VF (VFC) shares fell past 18% after the apparel and footwear company reported a wider-than-expected fiscal Q1 loss despite topping Wall Street's revenue estimates.

$F$PG$VFC

Mining & Metals17d ago

Benton Resources and Metals Creek Begin Hydrogen-Helium Soil Gas Sampling at Smoking Gun and Parson's Pond

Benton Resources (BEX.V) and Metals Creek Resources (MEK.V) have begun two "large scale" regional soil gas programs at Parson's Pond and Smoking Gun Hydrogen-Helium projects in Newfoundland, the companies said Wednesday in separate releases.The companies expect to collect roughly 650 to 750 samples in the soil sampling program. The samples will be analyzed for Hydrogen, Helium, Neon, CO2, and C1-C4 Hydrocarbons, the companies added.Benton's shares were last seen down C$0.005, or 5.8%, at C$0.08, and Metals Creek's shares were last seen up C$0.005, or 10%, to C$0.055, on the TSX Venture Exchange.Price: $0.08, Change: $-0.01, Percent Change: -5.88%

$BEX.V$MEK.V

Sectors17d ago

Sector Update: Healthcare Stocks Edge Lower in Afternoon Trading

Healthcare stocks were slightly lower Wednesday afternoon, with the NYSE Healthcare Index down 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) fractionally lower.The iShares Biotechnology ETF (IBB) fell 0.7%.In corporate news, Hims & Hers Health (HIMS) is being sued by the US Federal Trade Commission for allegedly sharing users' data with Meta (META), Snap (SNAP) and other companies, Reuters reported. Hims & Hers Health shares dropped 11%.UnitedHealth (UNH) may lose significant funding as the Trump administration plans to terminate a Medicare prescription drug subsidy program, The Wall Street Journal reported. The government will end the $3.6 billion subsidy after 2026, which would have directed more than half of its funds to UnitedHealth next year, the report quoted the administration officials as saying. UnitedHealth shares were down 1.4%.Boston Scientific (BSX) lowered its full-year guidance below Wall Street's estimates on Wednesday, citing factors including weak demand for its Watchman heart implant. Its shares were up 0.8%.

$BSX$HIMS$UNH

Wire17d ago

Market Chatter: Netflix Paying $200 Million to Broadcast 2027 Women's World Cup

Netflix (NFLX) is paying $200 million for the broadcast rights to the 2027 Women's World Cup, Bloomberg reported Wednesday, citing people familiar with the matter.Netflix didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $72.99, Change: $+0.60, Percent Change: +0.83%

$NFLX

Wire17d ago

Corning's Long-Term Growth Visibility Underappreciated, UBS Says

Corning (GLW) shares' recent selloff is overdone, as the company's optical margins and long-term earnings visibility remain stronger than the market is giving credit for, UBS said in a note emailed Wednesday.The firm said Corning's approach of locking in more long-term offtake contracts could limit near-term margin expansion but provides greater stability in earnings growth, adding that the de-rating in the stock has made valuation more attractive relative to its growth outlook.UBS trimmed its 2027 and 2028 EPS estimates by about 3% and 9%, respectively, to take a more conservative view on the timing and scale of the company's photonics and scale-up ramp, though its estimates remain above consensus.UBS maintained a buy rating on the stock but lowered its price target to $196 from $228.Price: $125.26, Change: $-0.76, Percent Change: -0.60%

$GLW

Oil & Energy17d ago

EMEA Oil Update: Crude Jumps as Trump Plans to Hit Iran, Mideast Hostilities Flare

EMEA crude futures rallied in after-hours trading on Wednesday, reversing earlier losses, as escalating Middle East hostilities and President Trump's threats of military action against Iran reignited fears of global supply disruptions.Brent crude futures jumped by 7.2% to $90.09 per barrel, while Murban crude futures advanced by 2.3% to $86.00/bbl.Soojin Kim, research analyst at MUFG, said that Brent crude rose, recovering part of its recent losses after renewed military exchanges between Iran, the US and regional allies reignited concerns over energy supply disruptions.Trump reportedly said that Iran "is going to get a beating" after the Islamic Revolutionary Guard Corps launched ballistic missiles at US military.The US President's remarks follow reports that the IRGC targeted a US airbase and command center in Jordan with ballistic missiles, as Middle East hostilities escalate after a recent pause in hostilities.Iranian media also said the US had attacked part of the country's territory.On Tuesday, US and Saudi forces struck "multiple terrorist logistics and weapons sites" in eastern Iraq, in retaliation for more than 30 drone attacks in the past three days by "Iran-aligned terrorists."Earlier on Tuesday, Saudi Arabia's Defense Ministry said that drones launched from Iraq by "Iran-affiliated terrorist militias" attempted to target petroleum facilities in the Gulf state.The US sanctioned two Iranian companies that charge for safe passage through the Strait of Hormuz and eight tankers linked to Iranian oil exports on Wednesday, accusing the Islamic Revolutionary Guard Corps-backed network of operating an extortion scheme.Treasury's Office of Foreign Assets Control said the sanctions target the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which allegedly force vessels to buy mandatory maritime "insurance" to transit Hormuz.Meanwhile, Iran ruled out Oman's proposal for regional joint management of the strategic waterway, as Yemen's Houthis are also considering imposing fees on commercial ships transiting through the southern Red Sea, according to media reports.Gelber & Associates strategists said that irreconcilable differences over commercial transit rights and sovereignty in the Strait quickly restored the geopolitical risk premium, while renewed Houthi attacks on Red Sea shipping reinforced expectations of tighter physical balances.Traffic through the Middle East energy chokepoints remains restricted, with Kpler data showing 12 and 41 confirmed crossings in the Hormuz and Bab el-Mandeb on 28 July, respectively. The US Central Command said it has redirected 18 commercial vessels, disabled 2, and boarded 2 as of July 28.On the supply front, US commercial crude oil inventories decreased by 7.2 million barrels to 404.5 mmbbls in the week ended July 24, the Energy Information Administration said in its weekly report on Wednesday.

Wire17d ago

Netflix Paying $200 Million to Broadcast 2027 Women's World Cup, Bloomberg Reports

$NFLX

Wire17d ago

Life Time Likely to Deliver Solid Q2 Results, Oppenheimer Says

Life Time (LTH) is set to post solid Q2 results, offering a "bright spot" in a struggling discretionary backdrop, Oppenheimer said in a Wednesday report. The Q2 results are due July 30.Memberships at the operator of high-end health clubs are expected to end Q2 at 856,000, up 18,000 from a year ago, the report said. Revenue is forecast to grow 10%, largely in line with market consensus.The company's underlying fundamental momentum remains intact and could accelerate further despite potential for some type of knee-jerk pullback, according to the note."We are optimistic that accelerating new unit expansion should help to bolster somewhat membership growth and lend to improved operational leverage," the note said.Oppenheimer kept its outperform rating and a $60 price target.Price: $45.99, Change: $+0.36, Percent Change: +0.79%

$LTH

Sectors17d ago

Sector Update: Energy

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.1%.The Philadelphia Oil Service Sector Index was decreasing 0.9%, and the Dow Jones US Utilities Index fell 1%.In geopolitical news, President Donald Trump said Iran will be hit hard, according to Fox News. The US Central Command said it joined Saudi Arabian Armed Forces to conduct strikes in Iraq against Iran-aligned terrorists that the Islamic Revolutionary Guard Corps directed to attack US forces and Saudi energy infrastructure.Front-month West Texas Intermediate crude oil jumped 6.7% to $84.54 a barrel, and the global benchmark Brent crude contract surged 7.6% to $90.45 a barrel. Henry Hub natural gas futures rose 1.1% to $2.69 per 1 million BTU.In corporate news, Carlyle (CG), Energean, Dragon Oil, and Artemis Energy are among the companies that are anticipated to bid for BP's (BP) West Nile Delta natural gas development off Egypt this week, Reuters reported. BP shares were up 4.2%.

$BP

Asia Markets17d ago

Exchange-Traded Funds, US Equities Lower After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were lower. Actively traded Invesco QQQ Trust (QQQ) fell 1.4%.US equity indexes fell amid expectations of a tightening bias from the Federal Reserve and as Iran's surprise missile attack on regional neighbors escalated war tensions ahead of big-tech quarterly results post-bell.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) rose about 2.1% each.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) shed 1.8%; iShares US Technology ETF (IYW) fell 1.4%, and iShares Expanded Tech Sector ETF (IGM) was down 1.5%.The State Street SPDR S&P Semiconductor (XSD) slipped 4.4%, and iShares Semiconductor (SOXX) fell 4.5%.FinancialThe State Street Financial Select Sector SPDR (XLF) dropped 0.9%. Direxion Daily Financial Bull 3X Shares (FAS) declined 2.6%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 2.5%.CommoditiesCrude oil gained 6.6%, and the United States Oil Fund (USO) increased 7%. Natural gas rose 0.8%, and the United States Natural Gas Fund (UNG) moved 1.6% higher.Gold on Comex fell 0.2%, and the State Street SPDR Gold Shares (GLD) increased 0.1%. Silver was up 1%, and iShares Silver Trust (SLV) gained 1.1%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was up 0.7%. The Vanguard Consumer Staples ETF (VDC) added 0.6%, and iShares Dow Jones US Consumer Goods (IYK) was up 0.3%.The State Street Consumer Discretionary Select Sector SPDR (XLY) edged higher. VanEck Retail ETF (RTH) added 0.2%, and the State Street SPDR S&P Retail (XRT) gained 0.3%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) fell 0.1%, while iShares US Healthcare (IYH) and Vanguard Health Care ETF (VHT) dropped 2% each. IShares Biotechnology ETF (IBB) was down 1%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) slipped 2.8%. Vanguard Industrials Index Fund (VIS) was down 2.9% and iShares US Industrials (IYJ) declined 2%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 0.3%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) was fractionally lower, ProShares Ether ETF (EETH) was down 1.4%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was unchanged.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH

Wire17d ago

Sector Update: Tech

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) fell 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropped 3.9%.The Philadelphia Semiconductor index declined 3.4%.In corporate news, Vertiv (VRT) shares fell past 16% after the company's Q2 revenue increased year on year but missed analysts' estimates.

$VRT

Mining & Metals17d ago

Canadian Pacific Kansas City Declares Quarterly Dividend of C$0.268

Canadian Pacific Kansas City (CP.TO, CP) declared a quarterly dividend of C$0.268 per share, unchanged from the prior quarter.The dividend is payable on Oct. 26, to holders of record at the close of business on Sept. 25.The company is set to report its second quarter financial results after the markets close on Wednesday.Price: $127.86, Change: $-1.57, Percent Change: -1.21%

$CP.TO

US Markets17d ago

Wingstop Second-Quarter Earnings Top Views; Shares Rise

Wingstop (WING) reported stronger-than-expected fiscal second-quarter earnings and reiterated its global unit growth outlook, sending the restaurant chain's shares higher Wednesday.Adjusted earnings rose to $1.18 a share for the quarter ended June 27 from $1 a year earlier, surpassing the FactSet-polled consensus of $1.02. Revenue grew 6.4% to $185.6 million, lagging Wall Street's $190.3 million estimate.The company now expects full-year domestic same-store sales to fall 4% to 6%, compared with its previous guidance of a low-single-digit decline. However, it continues to project global unit growth of 15% to 16%.Wingstop shares were up 4.7% in afternoon trade. The stock has lost about 40% in value so far this year.Second-quarter domestic same-store sales decreased 7.5%, as transaction volumes contracted due to weak consumer spending, according to the company."While we were disappointed in our same-store sales result, (the second quarter) showcased the strength of our model, and we believe we are executing a strategy that will return same-store sales to growth," Chief Financial Officer Alex Kaleida said on an earnings call, according to a FactSet transcript. "Our development pipeline provides us with the visibility into future unit growth, and we continue to see broad-based demand across both domestic and international markets."Morgan Stanley expected Wingstop to report another quarter of negative same-store sales. "However, we do see some signs of life, as (third-party) credit card sales data have shown improved trends in (the second quarter), possibly backed from some World Cup lift and the launch of loyalty," the brokerage said in a note to clients e-mailed July 15.Wingstop's second-quarter royalty revenue and franchise fees increased to $86.8 million from $79.9 million a year earlier. Advertising fees and company-owned restaurant sales also rose."The pressure on our core guests remained more pronounced than we anticipated," Chief Executive Michael Skipworth said on the call. "Consumers are still willing to spend on meaningful occasions."In its note, Morgan Stanley said that overall, US restaurant and food distribution companies likely saw a mixed second quarter, with largely stable industry trends that are masking "signs of strain."Wingstop raised its quarterly dividend to $0.33 a share from $0.30, payable Sept. 5 to stockholders of record as of Aug. 15.Price: $144.34, Change: $+9.47, Percent Change: +7.02%

$WING

Wire17d ago

Skyworks' Qorvo Deal Seen as Favorable Amid Steady Core Trends, RBC Says

Skyworks Solutions' (SWKS) pending acquisition of Qorvo (QRVO) is viewed favorably given expected cost benefits, and the shares are likely to trade on core fundamentals until the deal closes, RBC Capital Markets said Wednesday in a report.Skyworks on Tuesday reported "decent" fiscal Q3 results driven by healthy iPhone demand and stable trends in its broad-markets segment, while its new capital-return policy drops the dividend in favor of buybacks, debt reduction, and mergers and acquisitions, the report said.Q3 revenue of $935 million topped RBC's $925 million estimate and the $926 million Wall Street consensus, and adjusted EPS of $1.08 exceeded RBC's $1.03 forecast.In Q4, Skyworks expected revenue of $1.035 billion at the range midpoint, above consensus, and EPS of $1.27 at midpoint, slightly below estimates due to higher interest expenses tied to the planned $2 billion debt financing.RBC cuts its price target on Skyworks stock to $70 from $80 and maintained its sector-perform rating.Skyworks shares dropped 4.3% in Wednesday trading as the broader chip sector slumped, and Qorvo fell 1.8%.Price: $61.88, Change: $-2.80, Percent Change: -4.33%

$QRVO$SWKS

Wire17d ago

Huntington Ingalls Industries Keeps Quarterly Dividend at $1.38 per Share, Payable on Sept. 11 to Shareholders of Record Aug. 28

$HII

Wire17d ago

Jefferies Raises Automatic Data Processing Price Target to $225 From $190, Underperform Rating Kept

Automatic Data Processing (ADP) has an average rating of hold and mean price target of $258.14, 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: $278.11, Change: $+13.94, Percent Change: +5.28%

$ADP

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Oil & Energy17d ago