The major averages were higher near noon, led by the Nasdaq, as investors reacted to another heavy dose of corporate earnings. Disney shares have slipped despite solid results amid uncertainty around ESPN’s NFL deal.
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Looking to commodities, gold shares were largely unchanged while oil prices advanced.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Disney (DIS) provided a “beat and raise” report for Q3, announced that ESPN will launch its direct-to-consumer streaming service on August 21, reached a new rights agreement with WWE (TKO), and reached a deal with the NFL to acquire NFL Network and other assets in exchange for a 10% stake in the sports network
- McDonald’s (MCD) reported better-than-expected Q2 results, with global comparable store sales rising 3.8%
- Uber (UBER) reported upbeat Q2 earnings and revenue and announced a new $20B share repurchase authorization
- AMD (AMD) reported upbeat Q2 results and provided upbeat Q3 revenue guidance
- Novo Nordisk (NVO) made a takeover approach to Avidity Biosciences (RNA), FT reports
2. WALL STREET CALLS:
- Monday.com (MNDY) upgraded at Baird, here’s why
- Vertex Pharmaceuticals (VRTX) upgraded at Wells Fargo after pullback
- Nomura upgraded Coupang (CPNG) to Buy, naming it as a top internet pick
- Snap (SNAP) downgraded at Citizens JMP following the Q2 report
- Jefferies upgraded Leidos (LDOS) to Buy and downgraded CACI (CACI) to Hold
3. AROUND THE WEB:
- Two former Taiwan Semiconductor Manufacturing Company (TSM) employees and a third suspect have been arrested for allegedly stealing the company’s technology, FT reports
- Two Chinese citizens located in California were arrested and charged will illegally shipping tens of millions of dollars’ worth of AI chips to China, including Nvidia (NVDA) H100s, from October 2022 through July 2025, Reuters says
- Microsoft-backed (MSFT) OpenAI is in early stage talks for a potential sale of stock for current and former employees at a valuation of roughly $500B, Bloomberg says
- CoreWeave’s (CRWV) $9B deal to buy Core Scientific (CORZ) is dealing with opposition, with some of the company’s top shareholders arguing the acquisition could leave them short-changed, FT reports
- President Donald Trump is expected to declare on Wednesday that Apple (AAPL) will commit to spend another $100B on domestic manufacturing, Bloomberg says
4. MOVERS:
- Grocery Outlet (GO) increases after reporting Q2 results and raising its guidance for FY25
- Myriad Genetics (MYGN) higher after reporting Q2 results, with EPS and revenue beating consensus
- Astera Lab (ALAB), Cyoport (CYRX), and Porch Group (PRCH) rise after reporting quarterly results
- LifeMD (LFMD) lower after reporting Q2 results and cutting its guidance for FY25
- Lantheus (LNTH), Evolus (EOLS), and Six Flags (FUN) fall after reporting quarterly results
5. EARNINGS/GUIDANCE:
- Shopify (SHOP) reported Q2 results, revenue beating consensus
- Unity (U) reported Q2 results, with CEO Matt Bromberg commenting, “We believe the second quarter of 2025 will be remembered as an inflection point in the Unity story”
- Pinnacle West (PNW) reported Q2 results and reaffirmed its guidance for FY25
- Centuri (CTRI) reported Q2 results and raised its guidance for FY25
- Snap (SNAP) reported Q2 results and provided guidance for both Q3 and FY25
INDEXES:
Near midday, the Dow was up 0.33%, or 143.87, to 44,255.61, the Nasdaq was up 1.02%, or 212.34, to 21,128.89, and the S&P 500 was up 0.78%, or 49.10, to 6,348.29.
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