Midday Fly By: Apple reports Q2 beat, oil majors post mixed results

The major averages were higher near noon following the latest slate of corporate earnings results. First quarter results are coming in strong and big tech continues to carry the tape. The S&P 500 and Nasdaq are coming off their best monthly gains since 2020 and are sitting at or near all-time highs. Apple’s latest beat and bullish outlook are reinforcing that narrative, while AI spending continues to anchor investor enthusiasm. Meanwhile, oil prices were slipping after Iran reportedly issued a response through Pakistan mediators to the latest U.S. amendments to a draft agreement to end the war.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Apple (AAPL) reported upbeat Q2 results, gave a better-than-expected forecast, raised its quarterly dividend, and announced an additional $100B stock repurchase program
• SanDisk (SNDK) and Western Digital (WDC) both reported better-than-expected quarterly results with upbeat outlooks
• Exxon Mobil (XOM) and Chevron (CVX) both reported mixed Q1 results
• Multiple analysts downgraded Roblox (RBLX) following its quarterly report
• Reddit (RDDT) reported better-than-expected Q1 earnings and revenue

2. WALL STREET CALLS:

• Roblox (RBLX) downgraded at Raymond James, BofA and BTIG after a guidance reset
• Hershey (HSY) upgraded to Buy at TD Cowen
• Caterpillar (CAT) upgraded to Equal Weight at Morgan Stanley
• Paramount Skydance (PSKY) assumed at Overweight from Underweight at Morgan Stanley
• Elf Beauty (ELF) downgraded to Equal Weight at Morgan Stanley

3. AROUND THE WEB:

• Versant Media (VSNT) has agreed to sell its youth-sports app SportsEngine to competitor PlayMetrics and a deal could be announced as soon as today, Bloomberg reports
• KKR (KKR) has secured over $10B to launch Helix Digital, a company that will design, build, own and run infrastructure for AI, Bloomberg says
• Meta (META) sold $25B of investment-grade bonds, with nearly all six portions of the sales priced at higher premiums than the company’s October sale, Bloomberg reports
• Lululemon’s (LULU) board members have been under pressure, with directors dealing with a proxy fight from the company’s estranged founder, a big-name activist investor waiting for its opportunity, and the board being pushed to recruit a new CEO, WSJ says
• BP (BP is reviewing possible sale of North Sea assets, Bloomberg says

4. MOVERS:

• Esperion (ESPR) gains after entering an agreement to be acquired by Archimed for $3.16 per share
• Five9 (FIVN) increases after reporting Q1 results and providing guidance for FY26 and Q2
• Cerus (CERS) and Atlassian (TEAM) higher after reporting quarterly results
• Summit Therapeutics (SMMT) and Ryan Specialty (RYAN) lower after reporting quarterly results
• Alignment Healthcare (ALHC) falls after reporting Q1 results and providing guidance for Q2

5. EARNINGS/GUIDANCE:

• Gates Industrial (GTES) reported Q1 results, with CEO Ivo Jurek commenting, “We executed well in the first quarter”
• Moderna (MRNA) reported Q1 results, with EPS and revenue beating consensus
• Terex (TEX) reported Q1 results, with CEO Simon Meester commenting, “We are off to a good start and executing to plan”
• AutoNation (AN) reported Q1 results, with EPS beating consensus
• Colgate-Palmolive (CL) reported Q1 results and backed its guidance for FY26

INDEXES:

Near midday, the Dow was up 0.08%, or 39.58, to 49,691.72, the Nasdaq was up 1.15%, or 287.46, to 25,179.77, and the S&P 500 was up 0.67%, or 48.56, to 7,257.57.