>>> Kansas City Fed President Jeffrey Schmid (voting FOMC member) CNBC interview

Kansas City Fed President Jeffrey Schmid (voting FOMC member) CNBC interview
Mr. Schmid said:
  • Lisa Cook will handle matters as she needs to; suggests that mortgage applications should be more simplified.
  • There is a lot of optimism going into the last quarters of the year.
  • He assumes that the labor data was impacted by immigration policies.
  • The last mile of inflation is very hard.
  • The Fed has some work to do to get inflation back to 2%.
  • It is fair to say he is not in a hurry to cut interest rates.
  • Asked about the September rate cut, says there is a lot of data between now and then.
  • Markets are in good shape.

>>> Coty misses by $0.06, beats on revs (-21% in Pre_Market)

Coty misses by $0.06, beats on revs (4.86 -0.03)
  • Reports Q4 (Jun) loss of $0.05 per share, excluding non-recurring items, $0.06 worse than the FactSet Consensus of $0.01; revenues fell 8.1% year/year to $1.25 bln vs the $1.21 bln FactSet Consensus.
  • "Consumer demand for beauty continues to grow at a solid pace, with ongoing fragrance category outperformance, even as retailers are acting with caution in the current environment. Coty is perfectly positioned to win, as the only global fragrance player actively targeting both the high and low price tiers, playing into the booming 'treatonomics' trend where consumers look for a mood-boost in the highly uncertain economic backdrop. In fact, we are already succeeding on both ends of the fragrance market, delivering LFL sales growth in FY25 of +9% in Ultra-Premium fragrances, +2% in Prestige fragrances and +8% in Consumer Beauty fragrances."

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • COTY -21%, CSIQ -11.1%, JBSS -3.5%, WMT -2.5%, BILI -2%, VNET -1.4%
Other news:
  • HBNC -5.5% (pricing of common stock offering)
  • AL -3.5% (lease and delivery of 2 aircraft to China Airlines)
  • TWO -3.1% (resolves Pine River litigation, lowers dividend)
  • SN -2.5% (prices offering of 5.5 mln shares of common stock at $116.00 per share)
  • SRPT -2.4% (refinances ~$700 mln of 1.25% Convertible Senior Notes due 2027)
  • UPXI -1.7% (shareholders approved the issuance of shares of common stock pursuant to a $500 mln securities purchase agreement)
  • GILD -1.5% (CVS will not add GILD's new HIV prevention drug to its commercial plans, according to Reuters)
  • RYTM -1.5% (FDA accepts sNDA for Setmelanotide)
  • RJF -1.1% (reports July operating data; AUM up 10% yr/yr)
  • BABA -1.1% (Board announces that Banma is seeking a separate listing of the Banma Shares on the Main Board of the Hong Kong Stock Exchange)
  • DG -0.9% (names new CFO)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • NDSN +5.8% (also authorizes new $500 mln share repurchase program), AEG +5.5%, NUTX +3.2%
Other news:
  • INSG +4.6% (partnership with National MSP OneSource and launch of Janus)
  • ALVO +3.2% (Alvotech and Advanz Pharma receive European approval for Mynzepli)
  • UUUU +3.2% (has successfully completed production of its first kilogram of dysprosium (Dy) oxide at pilot scale at the Company's White Mesa Mill in Utah)
  • CRWV +2.9% (Jane Street Group discloses 5.4% passive stake)
  • SVRA +1.9% (NEJM to publish results from Phase 3 IMPALA-2 trial)
  • WRD +1.6% (unveils WePilot AiDrive)
  • PRTC +1.4% (showcases differentiated IPF strategy)
  • DAY +1.4% (to be acquired by Thoma Bravo for $70 per share)
  • ITRI +1.1% (collaborates on smart metering deployment in the Fiji Islands)
  • SCLX +1% (announces its majority-owned subsidiary, Semnur Pharmaceuticals, and Denali Capital Acquisition (DNQWF) have entered into a purchase agreement with an investor for a $20 million private placement at $16.00 per share)

>>> US and EU issue joint statement on a United States-European Union framework;

US and EU issue joint statement on a United States-European Union framework; European Union intends to eliminate tariffs on all U.S. industrial goods and to provide preferential market access; United States commits to apply the higher of either the U.S. Most Favored Nation tariff rate or a tariff rate of 15% (638.11)
  • "The European Union intends to eliminate tariffs on all U.S. industrial goods and to provide preferential market access for a wide range of U.S. seafood and agricultural goods, including tree nuts, dairy products, fresh and processed fruits and vegetables, processed foods, planting seeds, soybean oil, and pork and bison meat. The European Union will immediately take the necessary steps to extend the Joint Statement of the United States and the European Union on a Tariff Agreement announced on August 21, 2020, with respect to lobster (that expired 31 July 2025), coupled with an expanded product scope to include processed lobster.
  • The United States commits to apply the higher of either the U.S. Most Favored Nation tariff rate or a tariff rate of 15 percent, comprised of the MFN tariff and a reciprocal tariff, on originating goods of the European Union. Additionally, effective as of 1 September 2025, the United States commits to apply only the MFN tariff to the following products of the European Union: unavailable natural resources (including cork), all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors. The United States and the European Union agree to consider other sectors and products that are important for their economies and value chains for inclusion in the list of products for which only the MFN tariffs would apply.
  • The United States intends to promptly ensure that the tariff rate, comprised of the MFN tariff and the tariff imposed pursuant to Section 232 of the Trade Expansion Act of 1962, applied to originating goods of the European Union subject to Section 232 actions on pharmaceuticals, semiconductors, and lumber does not exceed 15 percent. When the European Union formally introduces the necessary legislative proposal to enact the tariff reductions set forth in Section 1 of this Framework Agreement, the United States will reduce tariffs on automobiles and automobile parts originating from the European Union subject to Section 232 tariffs as follows: No Section 232 automobile or automobile parts tariffs will apply to covered European Union goods with an MFN tariff of 15 percent or higher; and for covered goods with an MFN rate lower than 15 percent, a combined rate of 15 percent, comprised of the MFN tariff and Section 232 automobile tariffs, will be applied. These tariff reductions are expected to be effective from the first day of the same month in which the European Union's legislative proposal is introduced. The United States expects the European Union's legislative proposals will be consistent with this Framework Agreement and enacted by the necessary legislatures. All modifications to U.S. Section 232 tariffs will be executed in a manner that reinforces and is consistent with U.S. national security interests. With respect to steel, aluminum, and their derivative products, the European Union and the United States intend to consider the possibility to cooperate on ring-fencing their respective domestic markets from overcapacity, while ensuring secure supply chains between each other, including through tariff-rate quota solutions.
  • The United States and the European Union commit to cooperate on ensuring secure, reliable, and diversified energy supplies, including by addressing non-tariff barriers that might restrict bilateral energy trade. As part of this effort, the European Union intends to procure U.S. liquified natural gas, oil, and nuclear energy products with an expected offtake valued at $750 billion through 2028. In addition, the European Union intends to purchase at least $40 billion worth of U.S. AI chips for its computing centers. The European Union further plans to work with the United States to adopt and maintain technology security requirements in line with those of the United States. in a concerted effort to avoid technology leakage to destinations of concern. The United States will endeavor to facilitate such exports once such requirements are in place.
  • The United States and the European Union commit to address unjustified digital trade barriers. In that respect, The European Union confirms that it will not adopt or maintain network usage fees. The United States and the European Union will not impose customs duties on electronic transmissions. The United States and the European Union intend to continue to support the multilateral moratorium on customs duties on electronic transmissions at the World Trade Organization and seek the adoption of a permanent multilateral commitment."
  • Release (related stocks: NUE, STLD, CLF, EADSY, BA, LMT, NOC, GD, LHX, VWAGY, BMWKY, STLA, MBGYY, ASML, SAP, XOM, CVX, LNG, VG, GLNG, OXY, DVN, CF, NTR, MOS, DE, DD, DOW, NVDA, MSFT, AMD, INTC, ARM, AVGO, TXN)

>>> Walmart misses by $0.05, reports revs in-line, U.S. comps (ex fuel) of +4.6

Walmart misses by $0.05, reports revs in-line, U.S. comps (ex fuel) of +4.6%; guides Q3 EPS above consensus; reaffirms FY26 EPS guidance (102.57)
  • Reports Q2 (Jul) earnings of $0.68 per share, $0.05 worse than the FactSet Consensus of $0.73; revenues rose 4.8% year/year to $177.4 bln vs the $175.94 bln FactSet Consensus.
  • Walmart U.S. Comp sales (ex fuel) of +4.6%.
  • Sam's Club U.S. comps (ex fuel) of +5.9%.
  • Global eCommerce sales grew 25%, led by store-fulfilled pickup & delivery and marketplace.
  • Global advertising business3 grew 46%, including VIZIO; Walmart Connect in the U.S. up 31%.
  • Gross margin rate up 4 bps, led by Walmart U.S.
  • Co issues upside guidance for Q3, sees EPS of $0.58-$0.60, excluding non-recurring items, vs. $0.57 FactSet Consensus. Sees net sales up 3.75-4.75% in constant currency.
  • Co reaffirms guidance for FY26, sees EPS of $2.52-$2.62, excluding non-recurring items, vs. $2.62 FactSet Consensus. Reaffirms net sales growth of 3.75-4.75% in constant currency

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • SCLX +17.3%, AEG +5.9%, NDSN +5.5%, INSG +4.3%, SVRA +3.2%, CRWV +2.6%, WRD +1.8%, ALVO +1.2%, ITRI +1.1%, UP +1%, HLX +0.9%, RYTM +0.8%
  • Gapping down:
    • COTY -21.4%, CSIQ -9%, HBNC -5.5%, AL -3.5%, TWO -2.9%, VNET -2.9%, SN -2.7%, BILI -2.7%, RJF -1.1%, BABA -0.8%

>>> US After Hours Summary: Quiet after hours session; NDSN +4.9% higher on earn

After Hours Summary: Quiet after hours session; NDSN +4.9% higher on earnings; COTY -15.6% lower on earnings; HBNC -8.1% lower on stock offering

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: NDSN +4.9% (also authorizes new $500 mln share repurchase program)

Companies trading higher in after hours in reaction to news: GAU +6.2% (drill results at Abore), INSG +4.3% (partnership with National MSP OneSource and launch of Janus), OII +1.4% (wins US Navy contract), CRWV +1.1% (Jane Street Group discloses 5.4% passive stake), DVA +0.5% (increases share repurchase program by $2 bln), DG +0.4% (names new CFO), YOU +0.1% (increases presence at Staples US retail stores), AL +0.1% (lease and delivery of 2 aircraft to China Airlines)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: COTY -15.6%

Companies trading lower in after hours in reaction to news: HBNC -8.1% (stock offering), TWO -3.8% (resolves Pine River litigation, lowers dividend), SN -2.7% (stock offering by selling shareholders; also mixed shelf), SVRA -1.9% (NEJM to publish results from Phase 3 IMPALA-2 trial), GILD -1.2% (CVS will not add GILD's new HIV prevention drug to its commercial plans, according to Reuters)