Midday Fly By: Target, Lowe’s, TJX report Q1 beats

The major averages were broadly higher near noon, curtailing some of this week’s previous losses as oil prices slip. Semiconductor stocks are rebounding ahead of results that many traders see as the next major test for the AI-driven market rally. Markets are attempting to stabilize after several sessions dominated by rising yields and inflation fears, with investors now fully focused on tonight’s highly anticipated Nvidia earnings report. 

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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:

• Target (TGT) reported upbeat Q1 results and reiterated its FY26 outlook
• Lowe’s (LOW) reported better-than-expected Q1 earnings and revenue and backed its FY26 guidance
• TJX (TJX) provided a “beat and raise” report for Q1
• Hasbro (HAS) reported upbeat Q1 results and provided its outlook for FY26
• Intuit (INTU) will streamline operations, including laying off 17% of its staff, Reuters reports

2. WALL STREET CALLS:

• Etsy (ETSY) upgraded to Buy from Neutral at Arete
• Northland (XPOF) on potential for near-term deal
• Oppenheimer (RBRK) to Outperform on sector, product strength
• Phreesia (PHR) downgraded to Equal Weight at Wells Fargo
• Cigna (CI) downgraded to Hold at Deutsche Bank

3. AROUND THE WEB:

• Google (GOOGL) DeepMind has agreed to hire more than 20 researchers from AI startup Contextual AI and license its technology in a deal valued at approximately $100M, including the addition of co-founder and CEO Douwe Kiela to the DeepMind team, Bloomberg reports
• Intel (INTC) is asking its leading PC partners, including those in the U.S., China, and Taiwan, to use more 18A CPUs, citing better supply than chips on older nodes, Nikkei Asia says
• Approximately 48,000 workers at Samsung (SSNLF) are scheduled to begin an 18-day strike over bonus payments, posing a potential risk to South Korea’s economy and global chip supply, Reuters reports
• China intends to purchase 200 Boeing (BA) jets and seek an extension of a trade truce with the U.S. set to expire in November, Bloomberg says
• Nvidia (NVDA) has committed $90B to dealmaking in the AI industry over the past 16 months, FT says

4. MOVERS:

• Roivant Sciences (ROIV) higher after reporting Q4 results, with EPS beating consensus
• ImmunityBio (IBRX) increases after the FDA accepted a supplemental BLA for Anktiva
• Medline (MDLN) falls after filing to sell 60M shares
• Mayville Envineering (MEC) lower after announcing a 4.35M share offering
• GDS Holdings (GDS) and Kanzhun (BZ) decline after reporting quarterly results

5. EARNINGS/GUIDANCE:

• VF Corp. (VFC) reported Q4 results, with EPS and revenue beating consensus
• Analog Devices (ADI) reported Q2 results, with CEO Vincent Roche commenting, “ADI’s second quarter revenue and earnings were above the high end of our outlook”
• James Hardie (JHX) reported Q4 results, with CEO James Hardie commenting, “We delivered Adjusted EBITDA above our guidance range in the fourth quarter, reflecting disciplined execution and the strength of our business model”
• Red Robin (RRGB) reported Q1 results and reaffirmed guidance for FY26
• Cava Group (CAVA) reported Q1 results, with EPS and revenue beating consensus

INDEXES:

Near midday, the Dow was up 1.00%, or 495.27, to 49,859.15, the Nasdaq was up 1.29%, or 333.82, to 26,204.53, and the S&P 500 was up 0.93%, or 68.51, to 7,422.12.