CoreWeave reports Q2 beat, Gildan to acquire Hanesbrands: Morning Buzz

The major averages were mostly unchanged near noon except for the Dow, which was about 300 points higher following the settlement of July inflation data yesterday. The CPI report reinforced expectations of a September Federal Reserve rate cut and pushed market sentiment higher, sending the S&P 500 and Nasdaq to close at record highs yesterday.

Looking to commodities, gold prices were fractionally higher, holding firmly above the $3,400 threshold. Oil prices, meanwhile, were dropping following crude storage data.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. Also, subscribe to the morning Fly By on YouTube if you want to know how the markets will open, which stocks will be moving and why. 

1. STOCK NEWS:

• CoreWeave (CRWV) provided a “beat and raise” report for Q2
• Gildan Activewear (GIL) agreed to acquire Hanesbrands (HBI) for an enterprise value of $4.4B
• Sapiens (SPNS) reported upbeat Q2 results and agreed to be acquired by Advent for $43.50 per share in cash
• Amazon (AMZN) announced a significant grocery expansion with same-day delivery orders
• Cava Group (CAVA) reported mixed Q2 results, while restaurant rival Brinker (EAT) reported upbeat Q4 earnings and revenue

2. WALL STREET CALLS:

• JPMorgan upgraded Capri (CPRI) to Overweight on improved revenue outlook
• Oppenheimer downgraded C3 AI (AI) after “extremely weak” results
• Cadre (CDRE) downgraded to Underperform at BofA on growth concerns
• Palo Alto Networks (PANW) upgraded at Deutsche Bank, here’s why
• Goldman Sachs double upgraded CACI (CACI) to Buy from Sell, calling it “best positioned in the defense space under the Trump administration”

3. AROUND THE WEB:

• Western drugmakers, including Eli Lilly (LLY), Pfizer (PFE), and Novo Nordisk (NVO), are looking to boost sales of their most innovative and expensive medicines in China by trying to get their treatments included in Beijing’s new catalog for commercial health insurance, Bloomberg says
• Northrop Grumman (NOC) is planning to quadruple its chip output by 2030, Axios reports
• China is discouraging firms from buying Nvidia’s (NVDA) H20 AI chip despite its role in trade negotiations with the U.S., WSJ says
• An Australian federal judge has ruled that Apple (AAPL) and Google (GOOGL) engaged in anticompetitive conduct by misusing their app store market power, ABC reports
• TSMC (TSM) will phase out its 6-inch wafer manufacturing business over the next two years and continue consolidating its 8-inch wafer production capacity to improve efficiency, Reuters says

4. MOVERS:

• Webtoon (WBTN) increases after entering a partnership with Disney (DIS)
• Hudbay (HBM) gains in New York after reporting Q2 results and announcing Mitsubishi has agreed to acquire a 30% interest in Copper World
• Tilray (TLRY) higher in New York after entering a partnership with L. Molteni & C dei F.lli Alitti Societa di Esercizio to broaden access to medical cannabis extracts in Italy
• ProFrac Holding (ACDC) lower after announcing an 18.75M share offering
• Zevra Therapeutics (ZVRA) and KinderCare (KLC) fall after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Globe-e Online (GLBE) reported Q2 results and raised its guidance for FY25
• Elbit Systems (ESLT) reported Q2 results, with EPS and revenue beating consensus
• Performance Food Group (PFGC) reported Q4 results, with CEO George Holm commenting, “Our organization finished fiscal 2025 with strong financial results”
• Stratasys (SSYS) reported Q2 results and cut its guidance for FY25
• Loar Holdings (LOAR) reported Q2 results, with EPS and revenue beating consensus

INDEXES:

Near midday, the Dow was up 0.64%, or 284.80, to 44,742.49, the Nasdaq was up 0.03%, or 6.98, to 21,688.89, and the S&P 500 was up 0.09%, or 6.03, to 6,451.79.